Many of the biggest technology companies are surging on Wednesday, after Democrats scored a seismic victory in the midterm elections, flipping both the House and Senate.
During trading on Wednesday, Amazon surged 8%, Google rose over 6%, Microsoft rose 4%, Meta was up 3%, and Apple — which faced Trump's tariffs and recently got refunds — climbed nearly 7%.
Tuesday's results remove uncertainty in the market, David Kelly, chief global strategist at JPMorgan Asset Management, said on "Squawk on the Street."
He said the divided government would lead to "moderation in growth, moderation in inflation, less uncertainty, and I think that's all helping the stock market move up today."
However, some stocks, particularly those tied to Trump advisor Elon Musk as well as the AI data center buildout, fell on Wednesday.