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<ul class="summary-list"><li>This is an excerpt from the Insider Today newsletter.</li></ul>The future of the White House has been decided. So what does that mean for the rest of us?A pillar of President-elect Donald Trump's campaign was the economy and the work he would do to "fix it." He even adopted the slogan in the final days of election season.We have a few more months until he gets to work, but there are already indications of who will and won't <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">benefit financially from those plans</a>. Let's break it down:WinnersStock investors: The three major US indexes — S&amp;P 500, Nasdaq Composite, and Dow Jones Industrial — surged to record highs as <a target="_blank" href="https://markets.businessinsider.com/news/stocks/us-election-trump-stock-rally-rise-sp500-outlook-regulation-mergers-2024-11">Trump's return is considered a boon for the market</a>. The president-elect's plan to cut corporate taxes is probably the biggest catalyst for the rally. But the potential for deregulation, helped by a GOP-majority Senate and potentially House, is more wind for stocks' sails.Tesla shareholders: The EV giant took off with news of Trump's win, finishing the day up almost 15%. CEO Elon Musk's big bet on the former president has paid off, with one analyst describing <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-victory-tesla-shares-elon-musk-ev-president-2024-11">Trump's victory as a "home run" for Tesla</a>. Another said the regulatory hurdles Tesla faces with its autonomous driving technology could be expedited with Trump in office.Bitcoin believers: Trump was largely viewed as the more favorable option for digital currencies, and that's already playing out with <a target="_blank" href="https://markets.businessinsider.com/news/stocks/bitcoin-price-btc-record-high-donald-trump-victory-presidential-election-2024-11">bitcoin reaching record highs and eclipsing the $75,000 mark</a> on Wednesday. The self-appointed "crypto president" has also helped the sector's stocks like Coinbase, which finished the day up more than 31%.LosersPeople hoping inflation stays low: Trump has hammered the current administration for the high inflation that plagued the country throughout 2022 and 2023. But most economists believe the president-elect's plan for a minimum <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">10% blanket tariff on most imported goods</a> will flare inflation back up. The tax meant to generate money for the US government is seen ultimately getting passed down to the US consumer, <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-higher-inflation-fed-interest-rates-taxes-mortgage-rates-2024-11">leading to higher prices</a>.Potential homebuyers: Inflation concerns could result in a tighter monetary policy, <a target="_blank" href="https://markets.businessinsider.com/news/bonds/surging-treasury-yields-after-trump-win-show-borrowers-may-not-get-relief-2024-11">which means mortgage rates will stay high</a>. Bond yields are already soaring, indicating the market expects the cost of borrowing to keep rising. The 10-year US Treasury yield, which mortgage rates closely track, spiked to 4.477%, its highest level since early July.Investors in Europe: <a target="_blank" href="https://www.businessinsider.com/trump-presidency-impact-election-europe-economic-growth-gdp-goldman-sachs-2024-11">European growth stands to take a hit</a> from Trump's proposed tariffs, according to Goldman Sachs. The bank's analysts downgraded their growth forecasts across the region to 0.8% from 1.1% for next year, citing policy uncertainty arising from tariffs as a major cause. At least one European is happy, though. The French national Polymarket "whale" <a target="_blank" href="https://www.businessinsider.com/polymarket-whale-banked-48-million-profits-trump-president-election-win-2024-11">banked $48 million in profits</a> from their Trump election bet.The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

The market is already indicating the early winners and losers from Trump's win

<ul class="summary-list"><li>Donald Trump's election win boosted tech stocks the next day, with Tesla leading the gains.</li><li>Trump's past policies reshaped tech; his second term may impact Big Tech similarly.</li></ul>It's rare for the stock market to move so clearly on a single event, and when this happens, it often provides valuable signals about the future.When <a target="_blank" class="" href="https://www.businessinsider.com/trump-2024-election-win-5-stats-to-explain-result-2024-11">Donald Trump</a> decisively won the US election this week, the market took off. Some shares gained more than others, particularly in the tech sector.In his first term, Trump took drastic steps that changed the tech landscape. This time may be similar.So what has the stock market told us so far about which <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-presidency-affect-big-tech-2024-11">Big Tech</a> companies might be winners and losers during a Trump second term?For clues on this, Business Insider looked at the two-day performance of many of the largest tech companies by market capitalization. Here's what we found.<h2 id="381c0288-6c9c-4d61-b433-2907e9c5e091">Apple at the bottom</h2><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-china-tariff-plans-could-cost-apple-2024-11">Apple</a> is at the bottom here. Investors may be concerned that Trump will impose stricter and broader tariffs on China, where most of Apple's iPhones are manufactured."Apple CEO Tim Cook famously got on very well with Trump and successfully excluded Apple products from Chinese tariffs; a potential blanket tariff, however, which Trump has pledged to implement, would hurt badly," tech blogger <a target="_blank" class="" href="https://stratechery.com/2024/president-trump-take-two-big-tech-little-tech-chips-and-hardware-elon-musks-triumph/">Ben Thompson wrote</a> this week in his newsletter Stratechery.To be sure, Apple is not a loser here because its stock still rallied as the whole market jumped after the Trump victory. However, among the stocks BI looked at, it has seen the smallest gains over these two days.TSMC also stands out for its meager performance in this period. The Taiwan-based chipmaker works closely with Apple on iPhone chips. If Trump tariffs send the global supply chain into a spin, that could be bad for TSMC, too. <h2 id="dbcf2173-a94f-494e-9e39-49f315815198">Tesla on top</h2><a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-tesla-shares-elon-musk-ev-president-2024-11">Tesla</a> has had the best market performance in this period. CEO <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-presidential-election-stakes-2024-11">Elon Musk</a> gave his full support to Trump's second election bid.<a target="_blank" class="" href="https://www.businessinsider.com/trump-praises-elon-musk-a-star-is-born-2024-11">Trump on Wednesday</a> praised <a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-presidential-election-stakes-2024-11">Musk</a>."We have a new star, a star is born," he told boisterous supporters a few hours before the election was called in his favor. "Elon. He is an amazing guy."BI reporter Ana Altchek previously wrote about the potential benefits of <a target="_blank" class="" href="https://www.businessinsider.com/trump-won-election-what-that-means-for-elon-musk-2024-11">Musk's successful support</a> of Trump. While Trump could pull electric vehicle government incentives, Tesla has already reached scale and makes billions of dollars in profit now, giving it a big potential advantage over other US EV makers.<h2 id="88e27b23-bfe8-4512-8e49-876ade83f9a0">Google gains</h2>Google is somewhat surprising as a big stock gainer in the past two trading days. Trump has criticized the search giant over the years, so his election would seem to be negative for the company. However, Trump could roll back regulations and rules for businesses, which might benefit Google. Parent Alphabet owns autonomous driving company Waymo, which could get a boost, while even small signs of lighter antitrust enforcement might help the company."Self-driving car regulation may be loosened, and investors may hope DOJ pressure could ease," Stefan Slowinski, a BNP Paribas Exane analyst, wrote in a note to investors after Trump's win.<h2 id="129c6728-940b-4ba4-b955-84c2446c0f42">Meta overhang?</h2>Meta shares have not performed that well in this period. Trump is not a fan of Mark Zuckerberg, Meta's CEO. Meta "risks seeing a political overhang emerge," Slowinski wrote."Trump has long expressed personal animosity against Big Tech, which he sees as being in the bag for the Democratic party, and towards Meta in particular, thanks to the money CEO Mark Zuckerberg donated to voting initiatives in 2020 that Trump believes financed Democratic get-out-the-vote operations," Thompson wrote in Stratechery.<h2 id="a95cddcb-34e5-4f71-9e59-c2c38dba5a2e">'Shock absorber for the consumer'</h2>Slowinski highlighted other Big Tech stocks this week in his note to investors. "Amazon may also now see an overhang as 60% Chinese tariffs, as proposed by the President elect, could pressure margins in North America as Amazon reprises its role as 'the shock absorber for the consumer'," the analyst wrote. As for Microsoft, Slowinsky wrote that it "appears the most un-impacted by politics and new policies near term."

Here are Big Tech's winners and losers from Donald Trump's win, according to the market

<ul class="summary-list"><li>The striking of US port workers on the East and Gulf coast could impact certain stocks.</li><li>Port workers are demanding a 61.5% raise and oppose the adoption of automation in new contract negotiations.</li></ul>The <a target="_blank" class="" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">striking of US port workers across the East and Gulf coast</a> on Tuesday is set to have big ramifications for the stock market if negotiations are drawn out.Workers of the International Longshoremen's Association saw their contract expire on Monday.The workers are asking for a 61.5% pay raise over six years and strong language against adopting automation and AI technologies in their new contract.According to Stifel analyst Bruce Chan, the ramifications of the port strike won't be sizable unless the strike is drawn out for more than two weeks."The longer this goes, the more the impact scales, and really it starts to scale exponentially," Chan told Yahoo Finance on Tuesday.That could lead to a rebound in inflation for consumer goods, a shortage of certain consumable products, and ultimately job layoffs in certain industries, according to Chan."Where we'd probably be most worried is for critical process inventories. Unavailability there could cause shuttering of production plants, potentially furloughs and layoffs," Chan said.Detailed below are the biggest winners and losers of the situation, along with other companies that will be impacted to a lesser degree.<h2 id="bb9e7a39-dfd3-42d3-aec4-ad100d960810">Biggest winners</h2>The international air cargo business of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> is the clear winner of the ILA port strike, as high-value goods will be shifted to airfreight to avoid the backed-up ports."Air cargo essentially is the only clear beneficiary we can see in this situation. It's essentially the only way to move products in country and bypass the ports," Chan explained, adding that there isn't much capacity to divert ships to ports on the West Coast or in Canada.He added: "There really are not a whole lot of options in terms of a plan B here other than air cargo," Chan said.Investors are already catching on to this dynamic, with shares of UPS and FedEx both rising 6% in the past week."We think the most direct beneficiary of a strike situation would likely be international airfreight capacity providers like FedEx and UPS, which have significant operating leverage to Express operations," Chan said in a note over the weekend.<h2 id="b875b888-0b77-451e-9d75-2651d2e6b270">Other winners</h2>As companies seek alternative routes to transport their goods, logistic networks can see an increase in volumes.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/chrw-stock">C.H. Robinson Worldwide</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/expd-stock">Expeditors International of Washington</a> have seen gains of 4% and 5% in the past week, respectively, as investors anticipate increased business due to the port strike.<h2 id="9bc29b04-9899-4dbb-9d3f-0d0cf8831653">Biggest losers</h2>The biggest losers, so far, appear to be shipping container companies that are directly exposed to the port strike.Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/zim-stock">ZIM Integrated Shipping Services</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/cmre-stock">Costamare</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/gsl-stock">Global Ship Lease</a> dropped 7%, 2%, and 2% on Tuesday, respectively.Ultimately, Chan sees the port strike lasting about two weeks, with a lot of it hinging on how the Biden administration responds."I think a lot is going to depend obviously on the political situation and the willingness of the Biden administration to intervene here, but our base case is about two weeks," Chan told Yahoo Finance on Tuesday.Biden, who is known to be very pro-union, has resisted calls to enact the Taft-Hartley Act, which would force port employees back to work while the negotiate a contract."There's collective bargaining, and I don't believe in Taft-Hartley," Biden said on Monday.<h2 id="94183ca9-b0db-438c-8537-399af0c79994">Other losers</h2>A lot of goods movers concentrated on the east coast could see decreased volumes as goods stop moving into the port.That means railroads and trucking companies with significant exposure to the east coast could take a hit."With respect to the rails, there are clearly some near-term headwinds to both East Coast rails CSX and NSC," Chan said, adding that West Coast railroad operators are unlikely to see a big benefit."We see this as a small headwind with no real winners among the rails," Chan said.Other potential losers, if the strike is drawn out for an extended period of time, are retailers like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/wmt-stock">Walmart</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/cost-stock">Costco</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tgt-stock">Target</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/hd-stock">Home Depot</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/low-stock">Lowe's</a>, as they may struggle to replenish their shelves with certain goods.

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The market is already indicating the early winners and losers from Trump's win

Dan DeFrancesco

Here are Big Tech's winners and losers from Donald Trump's win, according to the market

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The biggest stock market winners and losers of the US port strike

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