08:54 AM EST, 11/06/2024 (MT Newswires) -- US equity futures surged pre-bell Wednesday after Donald Trump prevailed over Kamala Harris in the US presidential election.

Dow Jones Industrial Average futures rose 3.1%, S&P 500 futures increased 2.3%, and Nasdaq futures were up 1.8%.

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.

In other world markets, Japan's Nikkei closed 2.6% higher, Hong Kong's Hang Seng ended 2.2% lower, and China's Shanghai Composite finished 0.09% lower. In Europe's early afternoon session, the UK FTSE 100 rose 0.6%, and Germany's DAX index increased 0.1%.

In equities, shares of Tesla (TSLA) were 12% higher pre-bell after Trump's election win. The electric vehicle maker's chief executive, Elon Musk, is a key Trump supporter. Trump Media & Technology Group ( DJT ) shares increased 25%.

On the losing side, Exact Sciences ( EXAS ) shares fell 17% after the company reported late Tuesday it swung to a Q3 net loss and lowered its full-year 2024 sales outlook. Tango Therapeutics ( TNGX ) shares fell 34% after the company reported a wider Q3 net loss.