The Morning After: Trump's Victory & The Senate Shake-Up 11/06/24
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Cnbc has quick and easy to understand business news updates at the open midday and close every weekday. Markets, money and more from wall street to main street. I'm cnbc Jessica, adding to follow and listen to C, N, B, C. Business news updates wherever you get your podcasts. This is spot the morning after.

make amErica great again.

Former president trump claiming Victory in the twenty twenty four race. An electoral win. Now, official.

look what that happened. Is this our aim?

Java, take stock of the results.

An amazing political come back for the ages here and a new washington.

Emily wilkins, on the baLance of power in the nation's capital for .

the senate IT is over. Republicans have flip the senate.

M C N B C producer kt cramer squad pod election twenty twenty four the best of today's squad box on the go right your ears starts right now.

Good morning, and welcomed to a special edition of squad box here on cnbc. We are live from the natta market side in times square. Uh, I am joe cornor.

Along with Becky quick and Andrew scan, I was checking the house that IT had been mattia in terms of of the betting odds, it's seventy nine percent right now on what whether the house goes or not in the the possibility of a sweep though eighty three percent. These are on the bedding markets, which were ahead of everything yesterday really were the way the individual states was constant, flipped much earlier than anyone thought. IT, IT had a chance and IT were.

Betting markets were much Better than the polls. I don't if you guys watched D. J. T, yeah. Was a little bit weird.

That was up at about forty three, and IT went down eight in the close, actually earlier than that. And that was weird. And then I did rebound .

a little bit .

now on the table, a big way. Now on back up IT was the bedding markets did not move at the same time. And I about calli are all of them none of a move for detect m like what is said and that IT is different than just a pure bedding market. You don't know what any individual mean stock owner is seeing at any given time. Um but he was not obviously indicative of of any IT had no predictive value when it's .

old aim java is at the table. You have not going to sleep. I don't believe this evening I got two hours. Let's talk about, let's talk about where the race is, really is what's been called, what hasn't been called and maybe you trying to make some sense of what's just happens.

Well, let's start with the electoral map. There were seven battleground states. The big awa in all of this was always going to be pensylvania with those thousand and electoral college votes at amazing political.

Come back for the age here, pennsylvania itself, it's not even close. Some of these staples that we saw in pennsylvania were so close early on here from fifty point seven to haris, forty eight point two. And then here's how the former president reacted to a less than just a couple of hours ago in alloo. The former president tries finally coming out to greet his supporters. Everybody have to say.

I want to thank you all very much. This is great. These are our friends.

We have thousands of friends on this incredible movement. This was a movement like nobody he's ever seen before. Frankly, this was, I believe, the greatest political movement of all time.

Now the former president there are claiming Victory last night in his speech to his supporters in the markets.

The way, way. And I think because everybody waking up trying to understand sort of what what happened, what that means. Do you look at this based on not just the presentin election, but the senate, potentially the house, as A A seism move in the country towards the right?

Do you say that this is a repudiation of democrats and the last of repudiation of last four years? You said to repetition of a the left, do you? And when you go down these baLance and you look at some of the the different ballot initiatives and try to sort of size them up against the vote, what does that mean to you?

I mean, I think number one, overall, it's inflation, right? Inflation is an absolute killer for inconvenience. I think american people do not feel how good this economy has been over the past couple years. They feel Price increases hitting their ability to buy groceries, hitting their ability to go out to dinner with their family, that sort of thing creates resentment.

I think also, one of the sleepy issues in this campaign was cost of how I can you see the cost of housing skyrocketing? A lot of frustrated buyers out there are can get into the market, people feeling they are rent going up, feeling like that is hating them where they live as well as I think those two things primarily in terms of the economics. But then you've ttl look at all the social issues and say Donald trump is making an appeal to people based on immigration, the border and sort of broader social issues like transgender, right? And you've gotta .

look at that and say how themselves, how, as you say, was a the canada, meaning that there are some people who have said from the beginning well that he was not the strongest candidate to be in this place. Look there, going to band was not the strongest candidate to be in that place.

There is gonna a lot of recriminations in the democratic party. When the dust settle on all this, I think the democratic party turned to joe biden after the first trump term because they saw him as somebody who could finally be Donald trump, that the unity around geo bide and the democratic party was never about geo bide himself. IT was, here was a guy from scranton with union routes who could relate to american voters and beat trump. They loved him for that. And then when we saw that debate earlier this summer, they abandoned him the minute they thought .

that he couldn't be truck. And they were earlier. And because that's what it's been for, I mean.

I don't think the democratic part is going to wake up this morning and say what we have a whole new set of issues that we now believe in, right? But there's gonna some questions about the tactics here. Did joe bide and wait too longer to get out of this race if he was a increasing in age and frailty as a as we all saw the democrat will say, should have have done this you ve got now a year ago, we use democrats .

s almost across all right, when did you preach .

the even remote possibility but or did you ever I didn't .

breach any of the possibilities or .

not to any the possible k media, media and gentle, did anyone ever so you think it's it's SHE was a twenty seven percent popularity lies president. Now suddenly SHE became something that I guess we were told was very popular. And even though he didn't do many interviews, SHE didn't answer any questions. SHE still answered questions with words out. And yet we still were under the impression by some sectors of the media never .

IT was always as why I am always think the one like .

anyone gets her news from from main street media.

I mean, I think this this was the election of long born podcast. I mean, a that you you can feel that political power.

you thank you in my point, trump night on stage, I think that was one who spoke out and a shadow on the things that came through with this. I think the big question is, what happens if this is a red wave that takes over the house as well? Trump last night said, promises made, promises kept up. And I think the market is already looking at that and trying to figure out .

what that me I was talking about this a late last night with mark short, former my pense advisor, you, what is Donald translate islam agenda if he gets an obviously terrorist is where you start. Immigration is where you start. But there is no sort of big legislate to push waiting in the wings like there was back in two thousand seventeen taxes, look, but you had repeal and replace obama .

are back in the legislative legislative ET from you on us. This is, this is the policy and you're gona see IT. No, but and I know favorite, I was going to understand this reference kitchen. Think this is him with the kitchen sink. But what's important about this is he also displayed a picture of himself walking into the lobby of twitter when he first bought ted with the kitchen sink.

meaning that it's time to really slim things.

It's time to really slimmed things back. And so I role that you to play in the concerns about the terrible .

climes that we're going to be subjected to because of elan musk and is what he says he's going to do the mark up about thirty hundred point. So at this point, doesn't seem really that much to concern.

The question is austerity. What William must be able to do is given this commission, right? Because there's a lot, a lot of commissions .

in washington history, almost the that is .

what I so yeah no.

that's why I just, you know just saying it's inflation and we never the people still didn't know how good they had IT with the economy even though they snowden have the buying power they had four years ago. That's the .

lation issue yeah so well.

I know the issue and this is A A significant real I mean, look at IT across the board, but it's and we see but it's IT might be a sweep in the poet he could end up with .

all of the battlegrounds states today. You must be the above the border.

It's also just everything. It's all of those. It's almost once every four years we get not the mainstream media legacy and coastal elitist view of the world.

And you actually see what's going on in the real world once every four years. And that maybe what we're seeing right now. It's a shocked to people, a lot of people, but maybe not everyone.

Still to come the baLance of power in washington.

The frustration has come in with the idea that you could no longer get anything done and IT and a way perform, be careful what .

you wish for and .

the market reaction to a whole new set of policies, especially when IT comes to electric vehicles that have had some benefit from government subsidies. Now anyone who make electric vehicles.

Cnbc has quick and easy to understand business news updates at the open midday and close every weekday, markets, money and more from wall street to main street. I'm cnb Jessica, adding good follow and listen to see nbc business news updates wherever you get your podcasts.

Welcome back to school pod with joe turnin becket que, and Andrew ross sorkin. Here's Andrew.

Good morning. Want to get to washing dc this morning. Emily vokins joins us now she's been taken to a look at the baLance of power in congress and some of the key races over night. Good morning, amy.

Where is things under? Republicans are starting today feeling very good, but IT is not over yet, at least for the entirety of congress. For the senate, IT is over.

Republicans have flit the senate. They have picked up now two seats that includes hio, where democratic senator shared Brown was not able to outturn trumps momentum in the state. Really, the question right now for the senate is how big the republican majority will be.

Of course, the larger IT is, the more diffuse is gonna. For anyone, senator, to hold up legislation. You guys, of course, remember how je mansion was able to hold up a lot of frightens agenda because of slim margin.

So that's really what we're looking for now in the senate. Going to the house is still a toss up at this point. We've seen republicans make some gains in pennsylvania and michigan, and we've seen democrats make some gains in new york.

But there are a lot of for uncalled races at this point from Virginia to alaska. And remember, last time, we didn't get a call on the house until about two weeks after the election. So this is going to take some time.

now. If the G O P wins the house, the republicans unlock a process that will allow them to pass major legislation without having to get that sixty vote threshold in the senate. But even if democrats win, republicans are gonna have to find a way to work with them because remember, we're approaching yet another fiscal Cliff that's going to require raising the debt ceiling in.

Plus, it's the twenty seventeen tax ox spyers. Many americans would be paid more in taxes. And that is something neither party wants under terms just .

the timing of all of this in terms of when you think we're going to have a Better sense of where the house stands because work we're looking at the stock market now up about twelve hundred points on the doubt. I think to the expected that this could be a red sweep across the board, White house, house, senate. Obviously, this has not been called at all. The house in particular seems to be a program s to some degree. At what point do you think that we will have a Better sense of this?

That's a really great question under because a lot of the races, if he continues to be this close with kind of dams getting one, republicans getting one, which is what we've basically seen all of tonight, a lot of it's going to come down to what we see in california. There are a number of competitive races. There are a number of republicans trying to hold onto their seats with very slim margins.

A lot of these are seats that died in one in twenty twenty. So the question is, did trump make a lot of games in california as we're seeing him make some games in other parts? And and if that is the case, then yes, you could certainly see a republican sweep um and potentially a larger margin for the next speaker to work with and potentially republicans avoiding some of that chaos that you have seen for the last two years and .

really well can thank you for that. I'm trable back to you a lot more this morning. I'm curious from you guys what you think this indicates.

You think the stock market, given where the prediction markets are, indicates that the stock market thinks that a sweep is happening? I think so. And the question is if they don't get a sweep, so we always talk about how the markets like, to some degree, divide on a government. Would they like the house? Would they like the house to be democratic for whatever reason?

I think, I think the frustration has come in with the idea that you could no longer get anything done and anything way they perform.

And be careful what you wish for. I I don't do you know. Good luck. IT is a time tested positive for the, but only two percent, ander and who knows, right workers from here. I don't know if I read too much into an embrace of a house and send and just going crazy. Look at other.

I mean, we look you can look at other indicators, by the way, take sides, the D J, at all. Look at gold. You look at gold and look .

at the ten years of certainty, the market like certain. Ty, I don't think certainty here. I don't think that's .

the case because I think White, I don't think .

they're certain. If you get there's not to whether you have a full republicans way through. And if you do what that means because I think there will .

be big changes that .

come down on immigration .

he can get in .

and in the supreme nominee he wants to put through, you'll able to put through without any .

checks on any of IT.

So if there is some big up before that, he can do heard how he's going to be a dictor, what he meant by a dictor. And they want close border media.

Look at tesla, tesla, but fifteen percent this morning. And so the question theyd, so the question there is, is the value I actually is possible that the value of whatever eland's relationship and closest to the president will be and whatever marketing you get and already is this.

So i'm going to say with the street of breaking news, nbc is calling the election for president.

which pushes him up to two seventy six. I think, again, this is something the markets and a lot of other people that already figured out there's a process for this at nbc news and going through IT. Added to your point on what to anticipate from tesla beyond, if you look at shares of ford N G M, they're also higher today because of the idea that you're not going to have competition coming from china with some of these elan. I onder if there's a double edge sort because they about forty percent of not from .

I the evs or not, that's weird.

It's been almost anti E V, right, because there's been a political place almost that is anti EV at the same time, right? And you're going to the drilling. So if you're going to have lower oil Prices, you think the more confusion would do well.

And there's a lot of sort of moving pieces is and the idea that rival, oddly enough, right, is down close to five percent, I think. Is that mean that they think the riviere is going to be punished? You trip help test la.

you would think that was is in a good place. But there's also, you would think, islands in a .

pretty except I don't know you heard early morning on from beijing how this has been perceived in china, he said. People there are kind of look at elan mask because of a second vice president to donal trump, right? And I wonder if at some point there's backlash to that.

If these tariff s do go in place and if there is massive to punish chinese sales, tesla has about forty percent of its sales that come from china. They will break IT out specifically. But that's what dan. I've think it's about forty percent of their sales coming from china. IT is obviously is going to be good news for space ex and any of the other that are doing.

Some people think that Harris might have punish or there is a perception you might have punished test and that's for this is a under, I know I got a.

but the questions, how was test the planets during this period? But do we know, do you have any idea about that?

How you would do that? How you saying he was?

You know, we might have .

someone just say, okay.

you have a great area manual all in rome is brother so i'm middling him obviously today and I don't know how he's I don't know where he is. I hope he's okay. But I just said, man, not the weather just going to a get horrible now I mean, think about IT and climate going to straight into the toilet. So that was my I just thought about that with tesla. So think about that.

I'm to try not too hard, but the trial.

Thank you for listening to school pod. We'll be sending out a few mini pods today to get you the latest and the greatest from our morning after show with Johnny beckie and Andrew ross scan. Stay tuned for more. Be sure to like, follow or subscribe to school pod wherever you listen, and you won't miss a thing.

Cnbc has quick and easy to understand business news updates at the open midday and close every weekday, markets, money and more from wall street to main street. I C, N, B C, Jessica adding a follow and listen to see abc business news updates wherever you get your podcasts.