Trump live updates: Markets rally, world leaders congratulate president-elect

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 DC likened the atmosphere to that of a funeral.”

— Gabrielle Fonrouge

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 only up about 12%, erasing some of those gains.

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— Sam Meredith

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’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 rights .

— Holly Ellyatt

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 benefitted from military aid from Washington during its conflict with Palestinian militant group Hamas and other Iranian proxies, including neighbor Lebanon’s Hezbollah.

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— Sam Meredith and Ruxandra Iordache