What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

Donald Trump won the US election in a dramatic upset that confounded the polls and sent markets reeling.

Volumes in the futures market surged. Markets then bounced back, as the world digested the news and Trump's conciliatory victory speech. VIX futures, or bets on the so-called Fear Index, subsided after jumping as the election results turned toward Trump.

And there is now one word is on the lips of just about every Wall Streeter: Volatility.

Here are the headlines:

• Donald Trump's election has Wall Street questioning the future of the Federal Reserve
• HSBC: President Trump's policies will "likely put the economy into a recession after a year or two"
• HEDGE FUNDER: "I expect to make money today - though it will be one of the most bittersweet up days in my memory"
• What analysts at UBS, Morgan Stanley, HSBC, and more say about President Trump
• California just legalized marijuana, and it's going to have a huge impact on the economy
• Trump victory could spell defeat for EU-US trade deal
• Here's how world leaders reacted to Donald Trump's election upset

Here's what you need to know about the market reaction:

• Drug company stocks are soaring
• Obamacare stocks are getting slammed as the future of the law is in question
• US bank stocks are climbing
• Private prison stocks are taking off
• Gun stocks are plummeting after Trump's victory
• Tesla is slumping
• Wall Street's biggest bull slashed his year-end target for stocks after Trump's win
• The Mexican peso is still getting slammed
• Treasurys staged a massive reversal
• Gold is cooling off after the election of Donald Trump

In non-election news, life is about to change for a whole bunch of Goldman Sachs employees. We'll be back later with some more news on that. In the meantime, check back here to get the latest on the day's news.