08:11 AM EST, 11/06/2024 (MT Newswires) -- US equity futures were higher Wednesday after Donald Trump prevailed over Kamala Harris in the US presidential election.

Dow Jones Industrial Average futures rose 3.2%, S&P 500 futures increased 2.3%, and Nasdaq futures were up 1.7%.

Trump was elected the 47th US president after he secured at least 277 Electoral College votes, more than the 270 needed, the Associated Press reported Wednesday morning.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2% at $74.00 per barrel and US West Texas Intermediate crude 2.3% lower at $70.34 per barrel.

The Federal Open Market Committee begins its two-day policy-setting meeting this Wednesday.