The Dow surges to biggest gain in two years, with bond yields and bitcoin also posting sharp climbs
4 min
Donald Trump ’s election victory powered the Dow Jones Industrial Average to its biggest gain in two years, with a broad market rally lifting shares of banks, industrial companies and small-cap firms that are expected to benefit from continued economic expansion.
The gains were widely distributed as Wall Street bet that Trump’s promises of deregulation and tax cuts will further ignite an economy that already has posted strong gains in recent years. But sectors that were expected to benefit from Democratic policies, such as electric-vehicle companies and clean-energy related industries, declined sharply.
The promise of four years of Republican rule drove the latest rise in Treasury yields, reflecting expectations of stronger growth and inflation, while gold prices fell as fears that the election results would be contested and spark social unrest weren’t realised.
“The markets are now trading full-on Trump trade,” said Stephen Dainton, a senior executive at Barclays who oversees the lender’s investment bank including its large trading division.
Big winners included banks, which investors bet were poised to benefit from reduced regulation and a fresh acceleration in growth. Shares of JPMorgan Chase , the nation’s largest lender, climbed 11% to a new record. Wells Fargo and Goldman Sachs both rose more than 12%.
The prospect of lighter regulation and protective tariffs helped drive gains in industrials, with equipment maker Caterpillar rising more than 8% to a new all-time high and 3M adding 5%. Domestic steelmakers Nucor and Steel Dynamics gained 16% and 13%, respectively. Railroads, including Norfolk Southern and CSX , surged.
Bitcoin rose as much as 9% and flirted with $75,000, topping a previous record from March. Trump has said that he wants to make the U.S. the “crypto capital of the planet” and has pledged to create a “strategic bitcoin reserve.”
At the same time, traders also sought out companies and assets they expect to suffer during a second Trump administration.
Fears of trade wars drove down shares of ocean freight firms, including Denmark’s A.P. Moller-Maersk and Germany’s Hapag-Lloyd . Copper prices had their worst day in more than two years, dropping 5.1% as metals traders in New York reconsidered demand forecasts that hinge on the Chinese economy and the clean-energy boom.
Investors’ belief that Trump may break with the Biden administration’s push into renewable energy and electric vehicles hit companies as far away as South Korea. LG Energy Solution fell roughly 7%, as did other local EV battery makers, and Hanwha Solutions, which makes solar panels, dropped by more than 8%. In the U.S., First Solar fell 11% while Enphase Energy lost 17%.
Shares of Tesla , the electric-vehicle maker helmed by Trump ally and donor Elon Musk , bucked the trend, climbing 15%.
Investors sold bonds, driving yields higher and widening the gap between yields on ordinary Treasurys and those on inflation-protected Treasurys. That is a sign they think that the policies of a second Trump term could put upward pressure on inflation.
Many investors also believe that Trump’s tax-cut-heavy policies will add to the deficit, with the threat of a larger supply of Treasurys helping push down bond prices. The yield on the 10-year Treasury topped 4.4% for the first time since July.
That hit firms and investments that are sensitive to higher bond yields. The S&P 500’s consumer-staples sector declined 1.7% and the utilities segment lost 0.6% The real-estate sector sank 3.4%. The country’s largest home builder, D.R. Horton , dropped nearly 5% and Zillow Group fell about 7%.
Surging yields intensified a climb in the U.S. dollar, which was also boosted by the prospect of rising tariffs. Economists say tariffs can lift the U.S. currency by hurting the economies of foreign countries and discouraging Americans from spending on imported goods.
The WSJ Dollar Index, which measures the U.S. dollar against a basket of 16 currencies, rose around 1.3%. The Mexican peso lost as much as 3.4% against the dollar to its lowest level since August 2022, according to Dow Jones Market Data, before recovering. Trump recently said he could impose 200% tariffs on vehicles made in the country. The potential for tariffs also drove down the Chinese yuan.
Early wins by Trump in key states assuaged fears that it could take days or weeks for the election to be called. The Cboe Volatility Index—known as the VIX, or the market’s fear gauge—plunged to its lowest level since late September.
The relative calm had investors hoping more gains lie ahead. The S&P 500 had already risen 21% through Election Day, its best performance in a presidential election year since 1936, when Franklin Roosevelt was in office. The Dow Jones Industrial Average was up 12%, its best election-year performance since 1996, when Bill Clinton was in the White House.
“There’s a lot of relief that there’s a clear-cut outcome and that markets can move on to things that are quite frankly more important than who sits in the White House,” said Ross Mayfield, investment strategist at Baird.
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
Following the successful launch of its Palais Collection, MAISON de SABRÉ has unveiled a new modular handbag system offering more than 720 styling combinations.
The Australian leather house has opened an immersive four-day pop-up in Manhattan, unveiling its Bloom Collection and redefining what a product launch can look like.
2 min
Product launches used to mean a store window and a press release. MAISON de SABRÉ has other ideas.
The Australian-born luxury house, founded in 2017 by brothers Omar and Zane Sabré, has opened a four-day Floral Atelier in the heart of New York City, transforming a stretch of Manhattan into what it calls an “overgrown botanical landscape” of craftsmanship, floristry, hospitality and music.
It’s the brand’s most ambitious physical activation to date, and the setting for the launch of its new Bloom Collection.
At the centre of the collection are three new SABRÉMOJI flower charms, named Wild Daisy, Sunflower and Cherry Blossom, each made entirely from upcycled leather offcuts and finished with ultrasonic embossing and embroidery.
There’s also the Floral Twist Handle, arguably the house’s most technically demanding piece yet, which takes 36 individual hand-tied knots to form six leather flowers, plus another ten structural knots that let it convert from a hand-carry to a shoulder strap.
A new Floral Wristlet debuts a leather-knotting technique developed specifically for the collection.
Between them, the pieces bring the brand’s product ecosystem to more than 10,000 possible styling combinations, all built from what would otherwise be manufacturing waste.
“Bloom is the latest evolution in the MAISON de SABRÉ product ecosystem, reimagining the handbag as a living canvas,” said co-founder and creative director Omar Sabré. He points to the smaller pieces as proof of intent rather than afterthought: “The smallest products demand extraordinary precision.”
It’s a strategy with numbers behind it.
The brand’s connected styling platform, of which Bloom is the latest chapter, has helped push MAISON de SABRÉ past $100 million in annual revenue and lifted average order value by 45 per cent, evidence that designing products to be added to and reinterpreted has become a genuine commercial engine rather than a marketing line.
The SABRÉMOJI charm platform alone has sold more than 500,000 units globally, with sold-out collaborations including Pokémon, Hello Kitty and Mr Men Little Miss.
For co-founder and managing director Zane Sabré, the Atelier is really about where the relationship with a customer begins.
“Retail is no longer just about selling products; there’s been a structural shift toward experience and participation,” he said.
“With Bloom, we wanted to create an environment where clients can experience our craft, understand our styling system and explore what is possible before they think about making a purchase.”
The Floral Atelier runs from July 3-26 in New York. The Bloom Collection launched globally today at maisondesabre.com, before rolling out to stockists including Bloomingdale’s, Nordstrom, Saks Fifth Avenue, Net-a-Porter’s FWRD, Revolve, Farfetch, Le Bon Marché and Ounass.
