Trump has hinted that he may consider a government role for Elon Musk, aligning Musk’s aspirations for reduced government spending with Trump’s broader economic goals.
The idea of tech billionaire Musk potentially leading a commission to enhance government efficiency has stirred interest among investors. They see potential gains for Tesla and Musk’s wider business interests under a Trump administration.
Republican Majorities Spur Market Optimism
With significant Republican wins of seats in both the Senate and House, Trump now wields significant power to push through tax cuts and enforce tariffs on imports.
These policies have buoyed the dollar, with traders expecting that fiscal stimulus could further enhance economic growth.
When the New York market opened on Wednesday, the S&P 500 rose by 2.1%, the Dow Jones by 3.1%, and the Nasdaq composite by 2.1%, setting new records across the board.
Crypto Trump Trades
“That’s the Trump trade,” Marta Norton, chief investment strategist at Empower Investments, told CNBC, capturing the general sentiment among investors.
