Election live updates: Harris arrives at Howard University for concession speech, Biden congratulates Trump

Election live updates: Harris arrives at Howard University for concession speech, Biden congratulates Trump
By: cnbc Posted On: November 06, 2024 View: 106

Harris arrives at Howard University for concession speech as markets rally into close

An outside view of the U.S. Naval Observatory, home of Vice President Kamala Harris in Washington DC on November 6, 2024.

Celal Gunes | Anadolu | Getty Images

Harris' arrived at Howard University where she will address the nation in a concession speech shortly.

Meanwhile, markets rallied sharply before close today, as major benchmarks hit record highs. The Dow Jones Industrial Average jumped more than 1,000 points in a single day for the first time since November 2022.

— Ece Yildirim

NY Gov. Hochul commits to protect New Yorkers' rights, congratulates Trump on win

New York Governor Kathy Hochul announces preparations for disruptions for East Coast Ports ahead of a potential dockworker strike at a press on conference at the World Trade Center in New York City on September 30, 2024.

Bryan R. Smith | Afp | Getty Images

New York Governor Kathy Hochul delivered remarks on Wednesday congratulating Trump and saying she will do everything in her power to make sure the state "will remain a bastion for freedom and rule of law."

"I will be very clear," Hochul said. "While we honor the results of this election, and we'll work with anyone who wants to be a partner in achieving the goals of our administration and our state, that does not mean we'll accept an agenda from Washington that strips away the rights that New Yorkers have long enjoyed."

Hochul said she created the Empire State Freedom Initiative focused on identifying possible threats to the issues of reproductive rights, civil rights, immigration, gun safety, labor rights, LGBTQ rights and environmental justice. Those were the issues she deemed were "key areas that are most likely to face threats from the Trump administration."

"This will include legislation, rule making, appropriations and partnerships with our congressional delegation and including the Biden administration at this time," Hochul said

New York is a reliably blue state and NBC News called the state for Harris last night.

— Ece Yildirim

Republican Rogers concedes Michigan Senate race to Democrat Slotkin

Former Rep. Mike Rogers, R-Mich., U.S. senate candidate, speaks during a campaign rally in Portage, Mich., on Wednesday, October 30, 2024. 

Tom Williams | Cq-roll Call, Inc. | Getty Images

Republican former Rep. Mike Rogers conceded the Michigan Senate Race to Democratic Rep. Elissa Slotkin on Wednesday. A Slotkin campaign spokesperson also confirmed that Rogers called the congresswoman to concede.

"Congratulations to Congresswoman Slotkin on her victory, I wish her the best as she serves the people of Michigan in the Senate," Rogers wrote in a statement. "While it won't be in the U.S. Senate right now, I will continue to serve Michigan now and into the future."

The race is still too close to call for NBC News.

— Ece Yildirim

New York City Mayor Eric Adams congratulates Trump

New York City Mayor Eric Adams votes at PS 81 in Brooklyn on Tuesday, Nov. 5, 2024. 

Gardiner Anderson | New York Daily News | Tribune News Service | Getty Images

New York City Mayor Eric Adams congratulated Trump on his victory on Wednesday, saying he wishes the president-elect and JD Vance "all the best as they work to promote the interests of the American people."

"As mayor of America's largest city, our main team will work with the incoming administration for the good of all New Yorkers," Adams said, speaking at New York City Hall.

Adams affirmed that women's reproductive rights are secure, and abortions will be available to those in the city and others traveling there for healthcare. He asserted that the city is committed to the interests of women, the LGBTQ community and immigrants. Adams also said he will work with administration and Congress to "develop a realistic and compassionate national strategy" for the immigration system, but that New York City will "always remain a city of immigrants."

Trump has expressed sympathy for Adams as he faces a federal indictment, and the president-elect praised the mayor at his rally in Madison Square Garden.

"They went after you, mayor," Trump told Adams at the Al Smith charity dinner in October, Axios reported. Trump added, "But you're going to win," and wished Adams luck.

Although Adams endorsed Harris, he declined to disavow support from Trump at the October dinner. Adams also avoided criticizing the former president and pushed back against claims that Trump was a fascist, a notion spread by the Harris campaign and many democratic supporters.

— Julie Coleman

Democrats Slotkin, Gallego express optimism in tight Senate races

Democrat congresswoman Elissa Slotkin speaks about being endorsed by Republican congresswoman Liz Cheney for congress in Lansing, Michigan, U.S. November 1, 2022.

Rebecca Cook | Reuters

Democratic Michigan Rep. Elissa Slotkin said today that she is "confident" that when the votes are counted "by the end of the day" she will be the senator-elect for Michigan, pointing to her roughly 19,000 vote lead. NBC News hasn't projected a winner in the race yet as it is too close to call.

In her remarks, Slotkin also talked about Trump's win. "Tens of thousands of Michiganders voted for Donald Trump and Elissa Slotkin on the same ballot, and it is my responsibility to get things done for Michiganders no matter who is in office, just as I did in President Trump's first term," Slotkin said.

Democratic Arizona Rep. Ruben Gallego also shared his optimism in a post on X. Gallego is running for Arizona Senate against Republican Kari Lake. Gallego has a slight lead over Lake in ballots that have been counted so far, but it is still too early for NBC News to call.

 Ece Yildirim

Biden congratulates Trump on win, invites him to White House

Combination picture showing former U.S. President Donald Trump and U.S. President Joe Biden.

Reuters

Biden has called Trump to congratulate him on his win, according to the White House. 

Biden on the call expressed his commitment to ensuring a smooth transition of power and stressed the importance of "working to bring the country together." 

The president also invited Trump to meet with him at the White House. Staff will coordinate a specific date for that meeting in the near future. 

Biden also congratulated Harris on her campaign in a separate phone call. He is slated to deliver remarks on the election results and transition process tomorrow.

-- Annika Kim Constantino

Harris campaign chair: 'The work of protecting America from the impacts of a Trump Presidency starts now'

Attendees stand at the event held by U.S. Democratic presidential nominee Kamala Harris during Election Night, at Howard University, in Washington, U.S., November 5, 2024.

Mike Blake | Reuters

Harris Campaign Chair Jen O'Malley Dillon thanked campaign staff in a memo obtained by NBC News, saying that the vice president's loss is "the beginning, not the end."

"You left everything on the field. You built a first-rate, historic Presidential campaign in basically 90 days," she wrote. "You navigated things that no one has ever had to navigate, and likely no one will ever have to again. You stared down unprecedented headwinds and obstacles that were largely out of our control."

O'Malley Dillon said Harris and Walz will host an all-staff call following Harris' speech this afternoon.

"Losing is unfathomably painful. It is hard," she said. "This will take a long time to process. But the work of protecting America from the impacts of a Trump Presidency starts now. I know the Vice President isn't finished in this fight, and I know the very people on this email are also going to be leaders in this collective mission.

– Josephine Rozzelle

Cardi B thanks Harris for her 'inspiring' presidential run as a woman of color

Vice President of the United States Kamala Harris delivered remarks at a campaign rally four days before Election Day at Wisconsin State Fair Park Exposition Center in West Allis, Wisconsin, United States on November 1, 2024. (Photo by Kyle Mazza/Anadolu via Getty Images)

Kyle Mazza | Anadolu | Getty Images

Rapper Cardi B thanked Harris for her "inspiring" presidential run, saying it showed her, her daughters and women across the nation "that anything is possible."

Harris, the first Black woman to be elected vice president, would have been the first female and first Asian American president. The "Bodak Yellow" singer also lent her support to Harris at a Milwaukee rally last week.

"To Vice President Kamala, no matter what they've said to bring you down or belittle your run for presidency they can never say you didn't run your race with honesty and integrity!" the rapper wrote in a post on X, adding that she never thought she would see a woman of color run for president.

"Thank you for being an example, thank you for being empowered, thank you for being a real example of what the American dream should be!" she continued.

Annika Kim Constantino

Several historic firsts in the 2024 election

People vote in the 2024 U.S. presidential election on Election Day in Springfield, Ohio, on Nov. 5, 2024.

Megan Jelinger | Reuters

Though votes are still being tallied in many races across the country, yesterday's elections have already resulted in some historic firsts.

Delaware state Sen. Sarah McBride became the first openly transgender person elected to Congress after winning the state's only House seat. She defeated Republican candidate John Whalen III.

"Tonight is a testament to Delawareans that here in our state of neighbors, we judge candidates based on their ideas and not their identities," McBride said last night.

Two Black women will serve at the same time in the Senate, a first. Democrat Angela Alsobrooks won a Senate seat in Maryland, while Democratic Rep. Lisa Blunt Rochester won in Delaware. Both will be the first Black women to represent those states in the Senate.

Alsobrooks defeated former Republican Gov. Larry Hogan. Blunt Rochester defeated Republican hopeful Eric Hansen. Three other Black women have served in the Senate, including Vice President Kamala Harris, Sen. Laphonza Butler, D-Calif., and former Sen. Carol Moseley Braun, D-Ill.

Additionally, Democratic Rep. Andy Kim defeated Republican Curtis Bashaw in the Senate race in New Jersey, making him the first Korean American senator. Republican Bernie Moreno will be the first person of color to represent Ohio in the Senate. Moreno defeated Senate Banking Chair Sherrod Brown, a Democratic three-term incumbent.

— Ashley Capoot

Saudi Crown Prince Bin Salman congratulates Trump in phone call

Saudi Crown Prince Mohammed bin Salman looks on as he meets U.S. Secretary of State Antony Blinken, in Riyadh, Saudi Arabia, October 23, 2024.

Nathan Howard | Reuters

Saudi Crown Prince Mohammed Bin Salman called Trump to congratulate him on winning the election and said he is eager to strengthen ties between the nations, the Ministry of Foreign Affairs of the Kingdom of Saudi Arabia posted on X.

The president-elect had an especially close relationship with Saudi Arabia during his first administration. Trump's first overseas visit was to Saudi Arabia, and he signed major arms deals with the kingdom despite congressional opposition.

— Ece Yildirim

Health-care stocks mixed after Trump win

A sign outside the CVS Health Customer Support Center at the headquarters of CVS Health Corp. in Woonsocket, Rhode Island, Oct. 30, 2023.

Faith Ninivaggi | Reuters

Trump's victory created new winners and losers in the health-care sector. 

Shares of insurance companies offering Medicare Advantage plans, such as CVS Health, UnitedHealth Group and Humana, surged, as a Trump administration could provide major regulatory benefits. Medicare Advantage is a privately run health insurance plan contracted by Medicare. 

Shares of CVS rose more than 11% on Wednesday, while Humana's stock climbed 10%. Both companies reported third-quarter results Wednesday morning. Meanwhile, UnitedHealth Group's stock rose more than 5%. 

Earlier this year, the Biden administration issued Medicare reimbursement rates that disappointed insurers and investors. That came as providers grappled with higher medical costs among seniors enrolled in Medicare Advantage plans. 

Republicans are seen as more likely to make cuts to Medicaid, which could be bad news for companies that are exposed to those plans. Shares of Centene, a large Medicaid operator, dipped nearly 4%.

— Annika Kim Constantino

Democratic Sen. Baldwin wins Wisconsin in closely watched race

Senator Tammy Baldwin speaks at a rally with former U.S. President Barack Obama and Wisconsin Governor Tony Evers before the mid-term elections, in Milwaukee, Wisconsin, U.S. October 29, 2022.

Daniel Steinle | Reuters

Incumbent Democratic Sen. Tammy Baldwin of Wisconsin is projected to defeat Republican challenger Eric Hovde, according to NBC News, in what was one of the most closely watched Senate races.

Republicans had hoped to flip control of a seat in the battleground state, and polls had shown Baldwin and Hovde in a dead heat.

The critical Senate race had turned nasty in its final weeks, with Hovde, a multimillionaire businessman, targeting Baldwin for her sexual orientation and lodging attacks at her partner, Maria Brisbane.

— Annie Nova

Harris calls Trump to congratulate him

Harris has called Trump to congratulate him on his electoral victory, a senior aide to the vice president told NBC News.

Harris on the call discussed the importance of a peaceful transfer of power and emphasized the need for Trump to be a president for all Americans, the aide said.

Harris is expected to deliver remarks at Howard University this afternoon.

Trump's campaign later confirmed the call, saying the president-elect acknowledged Harris on her "strength, professionalism, and tenacity throughout the campaign, and both leaders agreed on the importance of unifying the country," said Steven Cheung, the campaign's communications director.

Kevin Breuninger

Justice Department evaluating how to wind down Trump criminal cases

Republican presidential nominee former President Donald Trump speaks during an election night event at the Palm Beach Convention Center in West Palm Beach, Florida, Nov. 6, 2024.

Eva Marie Uzcategui | Bloomberg | Getty Images

Justice Department officials are evaluating how to wind down Trump's two federal criminal cases before the president-elect takes office, two people familiar with the matter told NBC News.

Trump has a federal election interference case against him, as well as a previously dismissed classified documents case that was being appealed.

The move is to comply with longstanding DOJ policy that a sitting president can't be prosecuted, and the sources told NBC that department officials see no point in continuing to litigate in the weeks before Trump assumes office.

It will be up to special counsel Jack Smith, whose team is prosecuting Trump, to decide exactly how to end the prosecutions, sources told NBC.

— Ece Yildirim

E. Jean Carroll shares brief statement following Trump victory

Writer E. Jean Carroll arrives at the 2nd U.S. Circuit Court of Appeals, where former U.S. President Donald Trump will arrive to ask a federal appeals court to overturn a $5 million jury verdict finding him liable for sexually assaulting and defaming her, who accused Trump of raping her nearly three decades ago, in Manhattan, New York, U.S., September 6, 2024. 

Adam Gray | Reuters

E. Jean Carroll said, "I tried to tell you," in a post on X Wednesday after NBC News projected Trump will win the U.S. presidential election.

Trump was held liable in two separate lawsuits for defaming the writer after she publicly alleged he had raped her in a Manhattan department store dressing room in the mid-1990s. Juries after trials in those cases awarded Carroll a total of $88.3 million in damages, which included damages after finding he was liable for sexually abusing the writer.

Trump is appealing the verdicts in those cases, which were filed in federal court in Manhattan.

Ashley Capoot

Oil market’s future is still uncertain under Trump

U.S. oil producers are looking forward to less regulations on crude production under Trump, meaning higher oil supply and consequently lower prices.

But it's not that straightforward. Trump has also vowed to put more sanctions on Iranian and Venezuelan barrels, meaning the global market could become tighter, potentially boosting prices.

At the same time, the increased likelihood of trade wars under Trump could dampen global economic growth and slow oil demand, which means the picture for the market's longer-term outlook is decidedly mixed.

"If the Trump administration opens up federal leases for oil and gas, Federal lands would get 25% per barrel of revenues. You will have a lot of trouble finding an oil company that can make money at $52.50 per barrel with what they have left from a $70 barrel," said Cole Smead, president and CEO of Smead Capital. "The only thing that will cause drill baby drill to happen is higher oil prices based on these margins."

Read the rest of the story here.

— Natasha Turak

Trump is projected victor in Michigan

People arrive for the campaign rally of former US President and Republican presidential candidate Donald Trump at Huntington Place in Detroit, Michigan, on October 18, 2024.

Jim Watson | AFP | Getty Images

Trump will take Michigan's 15 Electoral College votes, NBC News projects, marking a victory in one of the most hotly contested swing states of this election.

Michigan was considered one of the key battleground states in the presidential election, which NBC has already projected Trump will win. Both Harris and Trump visited Michigan several times over the course of their campaigns.

Biden won Michigan during the 2020 election. Trump beat then-Democratic nominee Hillary Clinton in Michigan by just 0.2% in 2016 — the closest popular vote margin of any state in that election.

Rebecca Picciotto and Ashley Capoot

Mortgage rates surge higher on Trump victory, causing housing stocks to fall

Homes in the south suburban Chicago area on April 26, 2023.

Brian Cassella | Tribune News Service | Getty Images

Trump's victory spurred a rise in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing.

The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this year, though not quite the surge some had expected.

Housing stocks reacted in turn, with both the big public builders and building material companies falling sharply.

Click here to read the rest of this story.

— Diana Olick

Bezos, Zuckerberg, Altman and other tech CEOs congratulate Trump

Sam Altman, chief executive officer of OpenAI, during an interview at Bloomberg House on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Tuesday, Jan. 16, 2024. 

Chris Ratcliffe | Bloomberg | Getty Images

Big Tech leaders and buzzy startup CEOs alike flocked to social media Wednesday to congratulate Trump on his win.

Microsoft's Satya Nadella, Apple's Tim Cook, Alphabet's Sundar Pichai, Amazon founder Jeff Bezos, Amazon CEO Andy Jassy, Dell's Michael Dell, Box's Aaron Levie and OpenAI's Sam Altman all posted their well wishes on X, the Elon Musk-owned social media platform, while Meta's Mark Zuckerberg posted on Threads, Meta's competitor to X.

Pichai wrote, "We are in a golden age of American innovation and are committed to working with his administration to help bring the benefits to everyone."

Bezos called Trump's win an "extraordinary political comeback and decisive victory," and Jassy wrote, "We look forward to working with you and your administration on issues important to our customers, employees, communities, and country."

Altman, leader of the startup behind ChatGPT, wrote, "i wish for his huge success in the job," adding that "it is critically important that the US maintains its lead in developing AI with democratic values."

— Hayden Field

McConnell: Filibuster secure, Republican Senate majority is 'gratifying'

US Senate Minority Leader Mitch McConnell, Republican of Kentucky, speaks during a news conference ahead of a vote on a foreign aid package at the US Capitol in Washington, DC, on April 23, 2024. 

Mandel Ngan | AFP | Getty Images

Republican Senate Minority Leader Mitch McConnell said Wednesday in a press conference that the filibuster is secure and that the party's Senate majority will help "control the guardrails."

"I think one of the most gratifying results of the Senate becoming a Republican, the filibuster will stand," McConnell said. "There won't be any new states admitted that give a partisan advantage to the other side, and we'll quit beating up the Supreme Court every time we don't like the decision they make."

McConnell also said he plans to concentrate on defense and foreign policy, saying that U.S. adversaries — naming specifically Russia, China, Iran and Iran's proxies in his list — "are all talking to each other," and that "they have one thing in common: They hate us, and they want to diminish our role in the world."

"I think this is the most dangerous time since right before World War II," McConnell said. He added that his focus over the "next couple of years" will be ramping up defense spending, as "it's a lot cheaper to prevent a war than it is to have one."

In response to a question about his takeaway from last night, McConnell said that "candidate quality is essential."

— Hayden Field

RFK Jr. says vaccines should be a 'choice,' won't pull any shots from the market

Independent presidential candidate Robert F. Kennedy Jr. makes an announcement on the future of his campaign in Phoenix, Arizona, U.S. August 23, 2024. 

Thomas Machowicz | Reuters

Robert F. Kennedy Jr., a prominent vaccine skeptic, said vaccination should be a "choice" and that he won't pull any shots from the U.S. market. 

Trump has promised to give Kennedy a major health role in his administration, raising concerns among health experts. 

"If vaccines are working for somebody, I'm not going to take them away," Kennedy said in an interview with NBC News today. "People ought to have choice and actually want to be informed by the best information."

Kennedy said he will ensure that scientific safety and efficacy studies are available so people can make "individual assessments about whether that product" is right for them. 

Kennedy has repeatedly pushed misleading and false information about vaccines, such as claiming they are linked to autism despite numerous studies going back decades that debunk the association.

— Annika Kim Constantino

Trump critic-turned-ally Nikki Haley congratulates president-elect on 'strong win'

Former U.S. Ambassador to the United Nations Nikki Haley takes part in a sound check on the second day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin, July 16, 2024.

Andrew Caballero-Reynolds | AFP | Getty Images

Nikki Haley congratulated Trump on his "strong win" in an X post following his decisive victory against Harris.

"The American people have spoken," said Haley. "Now, it's time for the American people to come together, pray for our country, and start the process of a peaceful transition. That begins with Kamala Harris conceding. You can't just talk about unity in a campaign, you have to show it regardless of the outcome."

Haley was a fierce critic of Trump during her failed bid to become the Republican nominee but later endorsed him after dropping out of the race.

— Gabrielle Fonrouge

George W. Bush congratulates Trump, says strong election turnout is sign of a healthy republic

Former President George W. Bush speaks during the Struggle for Freedom Conference at George W. Bush Presidential Center on November 16, 2022 in Dallas, Texas. T

Richard Rodriguez | Getty Images

Former President George W. Bush congratulated Trump on his second presidential victory as he also thanked Biden and Harris for their "service to our country." 

"The strong turnout in this election is a sign of the health of our republic and the strength of our democratic institutions," Bush wrote in the statement, posted on X. "Laura and I are grateful to the election officials, poll workers, and volunteers who oversaw a free, fair, safe, and secure election." 

Bush added he's "praying for the success of our new leaders at all levels of government."

— Gabrielle Fonrouge

Tesla rises on the heels of Trump victory

Elon Musk on stage before Republican presidential nominee former President Donald Trump speaks at a rally at Madison Square Garden in New York, NY on Sunday, October 27, 2024. 

The Washington Post | The Washington Post | Getty Images

Tesla shares popped 13% during Wednesday's trading session following Trump's election win, as investors are betting that a second term would benefit CEO Elon Musk.

While shares have risen more than 14% this year, they've still underperformed the broader market in year-to-date gains, with the S&P 500 advancing more than 23% in the period.

The stock's gains come despite the former president being viewed as unfriendly to clean energy stocks, which can include electric vehicle manufacturers such as Tesla.

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TSLA, 1-day

— Sean Conlon

Jeff Bezos, Andy Jassy congratulate Trump

Jeff Bezos attends at "The Lord Of The Rings: The Rings Of Power" World Premiere in August, 2022.

Dave J Hogan | Getty Images Entertainment | Getty Images

Mega-billionaire Jeff Bezos congratulated Trump on "an extraordinary political comeback and decisive victory," with Amazon CEO Andy Jassy following with a message of his own.

"No nation has bigger opportunities. Wishing @realDonaldTrump all success in leading and uniting the America we all love," Bezos, the Amazon founder and one of the world's richest people, wrote in a post on X today. 

The comments come two weeks after Bezos drew major backlash for deciding that The Washington Post, the newspaper he bought more than a decade ago, would not endorse a U.S. presidential candidate for the first time in 36 years. 

The newspaper's editorial page staffers had drafted an endorsement of Harris and it was ready to be approved by its board, the Post reported last month. 

"Congratulations to President-elect @realDonaldTrump on a hard-fought victory," Jassy wrote on X. "We look forward to working with you and your administration on issues important to our customers, employees, communities, and country."

— Annika Kim Constantino

Mitch McConnell speaks after Trump's win, Republican Senate swing

Senate Minority Leader Mitch McConnell is scheduled to speak at 11:30 a.m. ET, hours after Trump won the White House and Republicans regained control of the Senate.

McConnell, who endorsed Trump for president in March, previously announced that he would step down from his Senate leadership position this month.

— Chris Eudaily

Jan. 6 defendant asks judge to postpone case, says Trump will likely pardon him after taking office

Pro-Trump protesters storm into the U.S. Capitol during clashes with police, during a rally to contest the certification of the 2020 U.S. presidential election results by the U.S. Congress, in Washington, U.S, January 6, 2021. 

Shannon Stapleton | Reuters

A person accused of storming the U.S. Capitol on Jan. 6, 2021, asked a federal judge to postpone a status hearing in his case because of the likelihood that he'll be pardoned by Trump. 

In a motion filed in Washington, D.C., federal court, Christopher Carnell said Trump's re-election "significantly impact[s] the status" of his case because the incoming president said while on the campaign trail that he'd pardon Jan. 6 defendants. 

"Carnell, who was an 18 year old nonviolent entrant into the Capitol on January 6, is expecting to be relieved of the criminal prosecution that he is currently facing when the new administration takes office," the filing said. "Carnell is now awaiting further information from the Office of the President-elect regarding the timing and expected scope of clemency actions relevant to his case." 

— Gabrielle Fonrouge

Biggest U.S. pharma trade group says it looks forward to working with Trump

Saevichmikalai | Istock | Getty Images

The biggest pharmaceutical industry lobbying group in the U.S. congratulated Trump today and said it looks forward to "working with him to build on the successes from his first administration." 

Pharmaceutical Research and Manufacturers of America represents many of the largest drugmakers in the world, including Eli Lilly, Pfizer and Johnson & Johnson

Stephen Ubl, the group's president and CEO, touted Trump's previous efforts to crack down on drug middlemen that negotiate rebates with manufacturers on behalf of insurers. The pharmaceutical industry and lawmakers alike accuse those so-called pharmacy benefit managers of pocketing savings instead of passing them down to patients. 

Several of Trump's efforts to reform PBMs, such as a rule that would eliminate the rebates they receive from drugmakers, failed or were reversed by the Biden administration.

— Annika Kim Constantino

Speaker Johnson says he expects unified government in the White House, Senate and House

U.S. Speaker of the House Mike Johnson (R-LA) speaks at a press conference following a House Republican conference meeting at the U.S. Capitol on June 12, 2024 in Washington, DC. 

Kevin Dietsch | Getty Images

House Speaker Mike Johnson, a close Trump ally, said in a statement that he expects Republicans will win control of the House in addition to the White House and Senate, which have already been called. There are close House races still outstanding, and NBC News has not officially projected which party will control the chamber.

"We will continue to monitor the results and ensure every legal ballot is counted throughout this process," Johnson said. "I look forward to working with President Trump and a Republican Senate to deliver as Speaker of the House on the mandate entrusted to us by the American people."

— Ashley Capoot

Retail trade association says Trump tariff plan is a 'tax on American families'

Visitors enter the National Retail Federation's 2020 Vision: Retail's Big Show, at the Javits Center in New York City, Jan. 12, 2020.

Wang Ying | Xinhua News Agency | Getty Images

The National Retail Federation, the retail industry's largest lobbying arm, said it is ready to work with Trump but said widescale changes to tariff policies "will drive inflation and price increases and will result in job losses."

"Effective trade policies will increase America's competitive advantages in research, development and innovation and will protect strategically critical infrastructure while increasing the standard of living and quality of life for all Americans. However, the adoption of across-the-board tariffs on consumer goods and other non-strategic imports amounts to a tax on American families," NRF President and CEO Matthew Shay said in a statement, referencing Trump's campaign plan to raise tariffs on overseas goods.

"The retail industry stands ready to work with President-elect Trump and Congress to enact tax, trade and regulatory policies that make America more competitive, increase domestic investment and create jobs."

The Retail Industry Leaders Association offered a softer statement in its response to Trump's reelection, saying retailers hope the incoming administration will "take a strategic approach to international trade, with policies that shield families from higher prices on consumer goods."

"Leading retailers look forward to working with President-elect Trump and the newly elected members of Congress on the host of issues important to local retailers, our employees and the communities we serve," RILA president Brian Dodge said.

"Inflation was clearly a motivating factor in yesterday's election results, with many middle-class voters expressing deep concern about the impact inflation has had on family budgets. Policymakers should hear their concerns loud and clear as debates on taxes and tariffs take center stage."

— Gabrielle Fonrouge

Uncertainty looms over U.S. electric vehicle industry after Trump victory

A vandalized FLO public electric vehicle charger sits unused as a Jeep hybrid-electric vehicle sits parked in Los Angeles, California on May 16, 2024. 

Patrick T. Fallon | Afp | Getty Images

The fate of the U.S. electric vehicle industry is uncertain after Trump's presidential victory against Harris.

Republicans overall have largely condemned EVs, and Trump has vowed to roll back or eliminate vehicle emissions standards under the Environmental Protection Agency as well as incentives designed to boost production or adoption of the eco-friendly vehicles included in Biden's Inflation Reduction Act.

It would be difficult for Trump to totally gut the IRA, said auto industry insiders and other officials, but he could defund or limit subsidies for EVs through executive orders or other actions.

Click here to read the full article.

— Gabrielle Fonrouge and Michael Wayland

Solar stocks tank as Trump win raises fears GOP will repeal IRA, slow clean energy progress

Workers prepare to install Sunrun solar panels on the roof of a home in Granada Hills, California.

Mel Melcon | Los Angeles Times | Getty Images

Solar stocks sold off Wednesday after Donald Trump secured a second trip to the White House and Republicans won control of the Senate, amid fears the Inflation Reduction Act, which helps fund clean energy manufacturing in the U.S., will be repealed.

The benchmark Invesco Solar ETF was down more than 12% in morning trading, while the iShares Global Clean Energy ETF was down nearly 8%.

Solar panel manufacturer First Solar tumbled about 12%. Residential solar stocks Sunrun and Sunnova fell nearly 25% and 40%, respectively.

Inverter manufacturers Enphase and SolarEdge tumbled about 14% and about 17%, respectively. Sun tracker manufacturers Nextracker and Array were down about 10% and 18%, respectively.

The future of the IRA, however, will depend on whether Republicans also win unified control of Congress. It remains unclear whether the GOP will secure a majority in the House of Representatives.

— Spencer Kimball

Trump advisor says president-elect needs to quickly appoint new Federal Reserve chair

Trump advisor Scott Bessent says the incoming administration needs to move quickly to nominate the next chair of the Federal Reserve after the president-elect said he wouldn't renominate Jay Powell.

In an interview on CNBC's "Squawk Box," the founder and CEO of Key Square Group said the Biden administration dragged its feet in appointing Powell, which contributed to the historic rise in inflation in 2022.

"You'd have to ask the Biden people why they waited so late. He was not renominated until the end of November 2021 ... then he began hiking rates in March of '22," said Bessent. "If they had renominated and reappointed him six months earlier, he could have gotten started sooner."

— Gabrielle Fonrouge

Harris to call Trump, make concession speech later today

Republican presidential nominee former President Donald Trump, left, speaking at at a town hall on Oct. 20, 2024, in Lancaster, Pa., and Democratic presidential nominee Vice President Kamala Harris, right, speaking at a campaign rally on Oct. 14, 2024, Erie, Pa.

AP Photo

Harris is expected to call Trump today to concede and will also make a public concession speech, two aides to the vice president told NBC News.

The vice president will address the nation at 4 p.m. ET at her alma mater, Howard University, the White House said.

Biden is also planning to call the former president to congratulate him and wants to do the things that Trump didn't do when the president was elected in 2020, a White House official said. That includes inviting him to the White House and attending his inauguration, the official said.

— Gabrielle Fonrouge

Harris gathering felt like 'a funeral' last night as Trump victory loomed

Supporters react to early election results at Democratic presidential nominee U.S. Vice President Kamala Harris' election night rally during the 2024 U.S. presidential election, at Howard University, in Washington, U.S., November 5, 2024.

Daniel Cole | Reuters

Harris had initially planned to make remarks at her alma mater Howard University last night but as the results started to look more and more like a Trump victory, the mood started to darken, NBC reported.

"By the end of the night, you can see it in their face," said NBC's Gabe Gutierrez. "One Democrat of the gathering of major Harris donors at a hotel here in D.C. likened the atmosphere to that of a funeral."

US flags are seen on the ground as people left the election night event for US Vice President and Democratic presidential candidate Kamala Harris at Howard University in Washington, DC, on November 6, 2024. 

Angela Weiss | Afp | Getty Images

— Gabrielle Fonrouge

Trump Media shares halted after popping at the open

Shares of Trump Media were halted multiple times for volatility after opening up more than 20%. The stock, which surged more than 50% in extended trading, is now up only about 12%, erasing some of those gains.

Read the full story here.

— Josephine Rozzelle

JD Vance thanks his wife, Trump following victory

Republican vice presidential nominee JD Vance gestures next to his wife Usha Vance following early results from the 2024 U.S. presidential election in Palm Beach County Convention Center, in West Palm Beach, Florida, U.S., November 6, 2024. 

Carlos Barria | Reuters

Vice president-elect JD Vance thanked his wife and Trump on Wednesday morning in his first public comments since the incoming president's second victory was made official.

"THANK YOU! To my beautiful wife for making it possible to do this. To President Donald J. Trump, for giving me such an opportunity to serve our country at this level," Vance wrote on X. "And to the American people, for their trust. I will never stop fighting for ALL of you."

— Gabrielle Fonrouge

Rubio says U.S. is funding "stalemate" in Ukraine and Trump wants war to end

Sen. Marco Rubio (R-FL) attends a campaign rally for former President Donald Trump at the Trump National Doral Golf Club on July 09, 2024 in Doral, Florida. 

Joe Raedle | Getty Images News | Getty Images

Sen. Marco Rubio said the U.S. is funding a "stalemate" war in Ukraine that needs to end after Trump signaled he may reduce his support to Kyiv if elected. 

"In the case of Ukraine, who wants war? What he's talking about is he wants the war to end. Now as a businessman he's not going to tell you about his negotiating tactics to bring it to a close but I don't understand why we would not want a war like that to end," Rubio told NBC's Savannah Guthrie in an interview Wednesday morning. 

"I think the Ukrainians have been incredibly brave and strong in standing up to Russia but at the end of the day what we are funding here is a stalemate war and it needs to be brought to a conclusion." 

— Gabrielle Fonrouge

Stocks open at record highs after Trump victory

A trader wears a hat in support of Republican Donald Trump, after he won the U.S. presidential election, at the New York Stock Exchange (NYSE) in New York City, U.S., November 6, 2024. 

Andrew Kelly | Reuters

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Dow hits record

— Fred Imbert

Liz Cheney: Citizens 'must now be the guardrails of democracy'

Former Congresswoman Liz Cheney (R-WY) speaks during a campaign event with Democratic presidential nominee and U.S. Vice President Kamala Harris (not pictured) in Ripon, Wisconsin, U.S., October 3, 2024. 

Evelyn Hockstein | Reuters

Former Republican Rep. Liz Cheney — who campaigned for Harris in an effort to convince anti-Trump Republicans to vote blue — addressed Trump's win in a post on X this morning.

"Our nation's democratic system functioned last night and we have a new President-elect. All Americans are bound, whether we like the outcome or not, to accept the results of our elections," Cheney said in the post.

"We now have a special responsibility, as citizens of the greatest nation on earth, to do everything we can to support and defend our Constitution, preserve the rule of law, and ensure that our institutions hold over these coming four years," she wrote.

"Citizens across this country, our courts, members of the press and those serving in our federal, state and local governments must now be the guardrails of democracy."

— Josephine Rozzelle

Hungary's Orban hails 'biggest comeback' in U.S. politics

Hungary's Prime Minister Viktor Orban (L) and US President Donald Trump shake hands before a meeting in the Oval Office of the White House May 13, 2019, in Washington, DC.

Brendan Smialowski  | AFP | Getty Images

Long-time Trump ally Viktor Orban hailed the Republican politician's return to the White House as a "much needed victory for the world."

"The biggest comeback in U.S. political history!" he added in a social media post.

As ballots were still being counted early on Wednesday, Orban had published a TV caption showing a Republican lead in a Facebook post that said "on the way to a wonderful win," according to a Google translation.

Orban, who has maintained close relations with Trump over the years, even assumed a "Make Europe Great Again" tagline when his government took over the rotating presidency of the European Union over the summer — a slogan reminiscent of Trump's own campaign motto.

Ruxandra Iordache

Bank, crypto and prison stocks move higher on Trump win

Pricing information for cryptocurrencies and a Bitcoin logo in the window of a cryptocurrency exchange in Istanbul, Turkey, on Wednesday, Nov. 6, 2024. 

David Lombeida | Bloomberg | Getty Images

Cryptocurrency, banks and prison stocks are moving higher in pre-market trading Wednesday following Trump's decisive presidential victory.

Shares of Tesla spiked 12% now that the company's CEO Elon Musk has such a close alliance with the incoming president. Stocks like Coinbase and Robinhood were both up about 12% on bitcoin's rise while private prison owner Geo Group surged more than 26%. The spike in Geo's stock comes after Trump promised to take a tougher approach to criminal justice issues, which could be a tailwind for the prison company.

Banks, likely to see favorable deregulation under a second Trump presidency, were also moving higher. Shares of Wells Fargo were up 11% while JP Morgan spiked around 7%.

--Gabrielle Fonrouge

Trump’s election win dismays architects of Paris climate accord

Former US President and Republican presidential candidate Donald Trump holds up a gift he received from local residents as he speaks to the media in Swannanoa, North Carolina, on October 21, 2024, after observing cleanup efforts in the aftermath of Hurricane Helene, which devastated the region. 

Jim Watson | Afp | Getty Images

Two key architects of the landmark Paris Agreement warned that Donald Trump's election victory will stall global efforts to protect the environment.

The 78-year-old, who has called the climate crisis "one of the great scams," has pledged to ramp up fossil fuel production, pare back outgoing President Joe Biden's emissions-limiting regulations and pull the country out of the Paris climate accord — again.

Laurence Tubiana, a key figure behind the Paris Agreement, said Trump's election victory "is a setback for global climate action, but the Paris Agreement has proven resilient and is stronger than any single country's policies."

Christiana Figueres, the former United Nations climate chief who oversaw the 2015 Paris summit, said the U.S. election result will be regarded as a "major blow to global climate action."

Read the whole story.

— Sam Meredith

Hamas urges Trump to learn from Biden's 'mistakes' in Gaza policy

Sami Abu Zuhri, senior spokesman of Hamas poses for a photo during an interview on Israel's annexation plan for parts of West Bank in Istanbul, Turkey on July 02, 2020.

Muhammed Enes Yildirim | Anadolu | Getty Images

Trump should learn from the "mistakes" of outgoing President Joe Biden, senior Hamas official Abu Zuhri urged, in comments reported by Reuters.

Under Biden's administration, the U.S. has staunchly supported Israel and its retaliatory campaign against the Palestinian militant group, after Hamas carried out a terror attack against the Jewish state in October last year.

Washington has nevertheless also urged Israel to moderate its response and to curtail civilian casualties during its military incursion in the Hamas-controlled Gaza Strip.

Trump has previously called for a quick end to the conflict in the Gaza enclave, as well as to the ongoing war in Ukraine.

Ruxandra Iordache

Trump win is a 'mixed bag' for retailers, analyst says

A shopper carries bags at the Polaris Fashion Place mall on Black Friday in Columbus, Ohio.

Bloomberg | Bloomberg | Getty Images

Trump's presidential victory "brings a mixed bag of positives and negatives" for the retail industry plus "a large dose of uncertainty," says GlobalData managing director Neil Saunders.

"The main positive for retail is that President Trump will almost certainly renew the tax cut package he introduced during his first term in 2017, which was due to expire at the end of 2025. This will be broadly helpful to consumer incomes, although retailers should not expect to see a surge in spending as it is about rolling over an existing policy that is already baked into consumer behavior," the retail analyst said in an emailed note. "The huge downside to retail comes from Trump's proposals on tariffs."

If Trump makes good on his promise to raise tariffs on goods made overseas, retailers will bear the brunt of that cost, said Saunders.

"Given the trade between Chinese manufacturers and US retailers, a strict tariff policy would mean retailers initially either taking a massive hit on profits or being forced to put up prices, which would fuel inflation and dampen retail volume growth," said Saunders. "Over time, supply chains would adjust to a new tariff regime, but this would not happen overnight and would be incredibly disruptive."

Saunders noted that there's a "small hope" that Trump's comments on raising tariffs are more of a negotiating tactic and any eventual changes could be "modest in scope."

--Gabrielle Fonrouge

Abortion ballot measures pass in 7 states, fail in 3 others

Activists hold a rally in support of two Missouri ballot amendments including Amendment 3, a measure that would establish a constitutional right to abortion, at a UAW local in Kansas City, Missouri, U.S., October 12, 2024. 

Evelyn Hockstein | Reuters

Abortion rights ballot measures passed in seven states and failed in three others, more than two years after the U.S. Supreme Court overturned Roe v. Wade and ended the federal constitutional right to the procedure. 

Amendments to protect abortion access passed in Arizona, Colorado, New York, Maryland, Missouri, Montana and Nevada.

Voters in Missouri cleared the way to undo one of the nation's most restrictive abortion bans. Similarly in Arizona, voters passed a measure that is expected to overturn the state's ban on abortions 15 weeks into pregnancy.

But Florida, Nebraska and South Dakota defeated similar constitutional amendments, leaving bans in place.

Annika Kim Constantino

Barclays warns of 'knee-jerk' market reactions in near term

A Barclays Plc trader works on the floor of the New York Stock Exchange (NYSE) in New York.

Jin Lee | Bloomberg | Getty Images

Markets should brace for "knee-jerk" moves in the short term, as it remains unclear whether Trump's victory will also be accompanied by a "Red Sweep" — implying a Republican win in both the House and the Senate.

"In our view, the most positive outcome for US equities is a Red Sweep, the most negative outcome for EU equities, in relative terms, is Trump and a divided congress," they said, flagging that a contested election or any lingering electoral uncertainties had been a foremost concern for investors.

The analysts identified trade tariffs as a "key risk for Europe," with a higher likelihood of implementation under a Trump administration.

"We thus think that EU equities are likely to continue lagging US equities on a relative basis," Barclays said.

Ruxandra Iordache

Trump Media pares gains in premarket trading — still up 30% on Trump win

Shares of Trump Media are up more than 30% premarket as NBC News projects Trump — the company's majority owner — the winner of the presidential election.

The Truth Social parent company surged above 50% after the close Tuesday but has since pared back those gains. More than 34 million shares have changed hands in premarket trading.

Read the full story here.

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Trump Media & Technology Group shares

– Josephine Rozzelle

Trump to launch 'mass deportation' on day one of presidency, press secretary says

Republican presidential nominee and former U.S. President Donald Trump addresses supporters during his rally for the 2024 U.S. Presidential Election, in Palm Beach County Convention Center, in West Palm Beach, Florida, U.S., November 6, 2024. 

Brendan Mcdermid | Reuters

Trump press secretary Karoline Leavitt says it's time for the incoming president to make good on his campaign promises, including a "mass deportation operation" on day one of his administration.

"The American people delivered a resounding victory for President Trump, and gives him a mandate to govern as he campaigned, to deliver on the promises that he made, which include, on day one, launching the largest mass deportation operation of illegal immigrants that Kamala Harris has allowed" in this country, Leavitt said on Fox News.

While on the campaign trail, Trump frequently spoke about his plans to deport people who he said had entered the country unlawfully.

Gabrielle Fonrouge

Argentina's Milei urges Trump to 'Make America Great Again'

Javier Milei, Argentina's president, during a special address on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 17, 2024.

Bloomberg | Bloomberg | Getty Images

Argentina's right-wing President Javier Milei congratulated Trump on his "formidable electoral victory" in a social media post on the X platform.

"Now, Make America Great Again. You know that You can count on Argentina to carry out your task. Success and blessings," Milei said.

Often likened, Trump and Milei enjoy a cordial relationship, with the Republican president previously welcoming the Argentinian leader's win in the Latin American country's election last year and urging him to "Make Argentina Great Again" at the time.

Ruxandra Iordache

Black voters no longer vote in a bloc, former Obama official says

Jeh Johnson, former secretary of Homeland Security.

Zach Gibson | Bloomberg | Getty Images

Trump's decisive presidential victory indicates that Black voters no longer vote in a bloc," said Jeh Johnson, former secretary of Homeland Security in the Obama administration.

"We have come to believe over generations that different demographic groups vote as a bloc because for so often, for so long, the Black vote in this country voted in a bloc," Johnson said on MSNBC. "Ninety percent for Democrats, from [Lyndon] Johnson all the way to [Barack] Obama, and that is just not true anymore."

The comments come after Trump managed to break barriers across a wide range of demographics in his victory over Harris, winning over Black and Latino voters who once would have voted blue.

"As different demographic groups become further integrated into our society they start caring about all of the other issues that everyone else does, whether it's the economy, crime, whether its border security," said Johnson.

— Gabrielle Fonrouge

Dow futures rally 1,300 points after Trump win

Stock futures soared as traders cheered Donald Trump's victory over Vice President Kamala Harris.

Dow Jones Industrial Average futures were up 1,335 points, or 3.2%. S&P 500 futures surged 2.3%, while Nasdaq-100 futures advanced 1.7%.

— Fred Imbert

Trump remakes Republican Party into party of working class, senior advisor says

Senior Adviser Jason Miller, is seen outside the courtroom as Republican presidential candidate, former U.S. President Donald Trump attends his criminal trial at the New York State Supreme Court in New York, New York, Thursday, May, 2, 2024. 

Doug Mills | Via Reuters

Trump senior advisor Jason Miller says the incoming president "has completely remade the Republican Party to be the party of the working class" following his decisive victory.

"This isn't the Republican Party of old. President Trump has completely remade the Republican Party to be the party of the working class," Miller said in an interview with NBC's Savannah Guthrie. "You think about the teamsters, the union workers, the folks who want to keep the auto industry, but you think about black voters, Latino voters, think about the Arab American voters in Michigan who rallied around President Trump, his win is already starting to show how he can bring that together."

— Gabrielle Fonrouge

Tim Sheehy unseats Sen. Jon Tester in Montana Senate election, NBC News projects

Senator Jon Tester questions Treasury Secretary Janet Yellen during the Senate Banking, Housing, and Urban Affairs Committee hearing titled “The Financial Stability Oversight Council Annual Report to Congress,” in Dirksen Senate Office Building in Washington, D.C.,U.S., May 10, 2022. 

Pool | Reuters

Republican nominee Tim Sheehy defeated incumbent Democratic Sen. Jon Tester in the race for a Senate seat from Montana, NBC News projects.

Sheehy, a businessman and former Navy SEAL, focused his campaign on the economy, border security and gun rights. Tester, a farmer who's had three terms in the Senate, faced a tough road to victory ahead of the race.

Gabrielle Fonrouge

Oil prices lose ground after Trump victory

An oil pump jack is shown in a field on June 28, 2024 in Nolan, Texas. 

Brandon Bell | Getty Images

Oil prices retreated Wednesday, after Donald Trump defeated Kamala Harris to clinch the White House.

The Ice Brent contract with January delivery was trading at $74.52 per barrel at 12:10 p.m. London time, down 1.34%. The front-month December contract lost 1.38% to $71 per barrel.

Trump's election could impact the supply of the world's largest crude producer, as the Republican politician has previously endorsed policies pledging to fully unleash America's oil and gas production. The additional supply would exacerbate a picture of already weak demand.

Ruxandra Iordache

Scholz says Germany and the U.S. will continue to work to promote 'prosperity and freedom'

German Chancellor Olaf Scholz attends the European Political Community (EPC) summit at the Blenheim Palace in Woodstock, Oxfordshire, United Kingdom on July 18, 2024. 

Rasid Necati Aslim | Anadolu | Getty Images

German Chancellor Olaf Scholz extended his congratulations to Donald Trump, after the former U.S. president claimed victory in the latest election to clinch the White House.

"For a long time, Germany and the US have been working together successfully promoting prosperity and freedom on both sides of the Atlantic. We will continue to do so for the wellbeing of our citizens," Scholz said on social media platform X.

Europe's largest economy counted the U.S. as its biggest trading partner in the first half of this year, according to Reuters. The two countries are also close allies in the NATO military coalition.

Ruxandra Iordache

Russia's Putin so far silent on U.S. election

Kremlin leader Vladimir Putin has so far kept silent on the latest result of the U.S. election.

"I am not aware of the president's plans to congratulate Trump on his election," Kremlin press secretary Dmitry Peskov told reporters Wednesday, according to Google-translated comments from state news agency Tass.

"Let's not forget that we are talking about an unfriendly country that is directly and indirectly involved in a war against our state," he added.

US President Donald Trump meets Russian President Vladimir Putin on the first day of the G20 summit in Osaka, Japan on June 28, 2019.

Anadolu Agency | Anadolu Agency | Getty Images

Putin and Trump appeared to enjoy cordial relations during the latter's U.S. 2017-2021 presidency. The relationship was mired in controversy after allegations of collusion between Trump's then presidential campaign team and Russia, which was accused of meddling in the 2016 election.

Read the whole story.

Holly Ellyatt

Netanyahu welcomes 'huge victory'

Israeli Prime Minister Benjamin Netanyahu offered his congratulations to both Donald and Melania Trump.

"Congratulations on history's greatest comeback! Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America," Netanyahu said.

"This is a huge victory!" he added.

Israel is a close U.S. ally in the Middle East and has benefited from military aid from Washington during its conflict with Palestinian militant group Hamas and other Iranian proxies, including neighbor Lebanon's Hezbollah.

Read the whole story.

Sam Meredith and Ruxandra Iordache

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