Former President Donald Trump declared victory in the 2024 presidential election after winning the key battleground states. Trump, who was addressing his supporters in New York, also praised his running mate, JD Vance, and acknowledged the role of tech mogul Elon Musk in his campaign.

What Happened: Trump, in his victory speech, lauded his supporters for overcoming seemingly insurmountable challenges on Tuesday night. He expressed his determination to "fix everything about our country" and described his win as "the greatest political movement of all time."

According to the latest numbers from The Associated Press, Trump has 267 out of the 270 electoral votes needed for victory. The Republican party is currently leading in key states like Michigan and Wisconsin, which are yet to be called.

Trump secured a victory in Pennsylvania, earning 19 electoral votes after capturing over 51% of the vote in this pivotal swing state.

"I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president," Trump said.

Trump also addressed the criticism faced by Vance, his vice-presidential pick, for comments that were perceived as hostile to women. Despite the initial backlash, Trump praised Vance's intellect and called him a "feisty guy."

Trump also celebrated his party's victory in the U.S. Senate, which he believes will aid in confirming his Cabinet members and nominating judges.

Trump asserted that he had won both the popular vote and an Electoral College landslide with over 300 votes, although the final counts are still pending in several states.

Trump also acknowledged the support of his family and campaign team, and when asked about Musk, he hailed the tech mogul as a "new star" and an "amazing guy."

Why It Matters: On election night, Trump's media company, Trump Media & Technology Group Corp. (NASDAQ:DJT), experienced a substantial surge in its shares, driven by the anticipation of the election results and the company's third-quarter financial results.

Trump's victory in the 2024 presidential race, including his win in the key swing state of North Carolina, has been a significant factor in the stock market's movements.

The stock futures also experienced a rise on election night. Futures associated with the Dow Jones Industrial Average increased by 739 points, or 1.74%, as of 2 a.m. ET. Futures linked to the S&P 500 (NYSE:SPY) were up by 1.42%.

Treasury yields also saw an increase in overnight trading as investors evaluated the early results of the tight presidential race. The 10-year Treasury yield jumped 14 basis points to 4.431%, hitting its highest level since July 2.

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