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As Donald Trump prepares for his second term in the White House, his impact is making its way through the stock market.

U.S. stock futures are surging, bitcoin (BTC-USD) hit an all-time high this morning and continues to trade near record highs, and Tesla (TSLA) is surging in pre-market trading.

Trump won the key battleground state of North Carolina and flipped other swing states including Pennsylvania, Georgia, and Wisconsin on his way to become the 47th President of the United States. Republicans also look poised to flip the Senate as Democrats fight to hold control of the House.

The 10-year Treasury yield is moving higher. Potential Trump tariffs triggering investors to bet on a faster pace of inflation and a slower pace of interest rate cuts from the Fed.

For the latest election news, check out Yahoo Finance's live election blog.

This post was written by Daniel A. Nelson