S&P 500 futures touched a record high in a sharp and broad-based rally Wednesday after Republican Donald Trump claimed victory in the U.S. presidential election.

Newsmax has projected Trump has defeated Democrat candidate Kamala Harris, although other news outlets are yet to call the race for Trump.

As election results started to trickle in, so-called Trump trades rallied, U.S. Treasury yields surged, bitcoin hit a record high and the dollar gained.

"Markets absolutely crave certainty," said Dr. David Allen, portfolio manager, Plato Global Alpha Fund, adding that a Trump victory was likely "priced in at the margins."

At 5:55 a.m. ET, Dow E-minis were up 1,245 points, or 2.94%, U.S. S&P 500 E-minis were up 133.75 points, or 2.30% and Nasdaq 100 E-minis were up 362.50 points, or 1.78%.

Futures tracking the small cap Russell 2000 soared 5.1% to the highest levels since early 2022, with the more domestic-focused stocks expected to benefit from an easier regulatory and tax regime, as well as be less-exposed to potential import tariffs.

The Republican party also gained control of the U.S. Senate, and posted early gains in the battle to maintain control in the House of Representatives.

A so-called "clean sweep," in which one party captures the presidency, the House and the Senate would give Trump an easier route to push through desired legislation.

"I do think Trump 2.0 will be different from Trump 1.0... I expect him to push through a lot of fast major legislation within the first 100 days, so hold on to your hats," Allen said.

Analysts assume Trump's plans for restricted immigration, tax cuts and sweeping tariffs if enacted would put upward pressure on inflation and bond yields, while corporations could benefit from his tax and regulatory policies.

Tesla's Frankfurt-listed shares soared 13%, with investors betting on the stock as top shareholder Elon Musk has supported Trump throughout his electoral campaign.