US benchmark equity indexes surged intraday as Donald Trump won the presidential election.

The Dow Jones Industrial Average was up 3.4% at 43,654.4 after midday Wednesday, while the Nasdaq Composite jumped 2.6% to 18,924.3. The S&P 500 rose 2.3% to 5,914.8. Among sectors, financials saw the biggest gain, up 6%, while real estate saw the steepest decline.

Trump, the Republican nominee, won over Kamala Harris, vice president and the Democratic candidate in Tuesday's vote.

Trump's return to the White House will have investors watching the impact of potential new tariffs, the labor market effects of immigration cuts and benefits to top technology firms, analysts said.

"US large-cap equities could benefit from a combination of deregulation and potentially additional tax cuts," Wells Fargo Investment Institute said. "Smaller, domestic-oriented companies should find an advantage from tariffs on imports."

The US 10-year yield advanced 11.8 basis points to 4.41% intraday, while the two-year rate gained 5.5 basis points to 4.26%.

The Federal Reserve's two-day monetary policy meeting got underway. Markets widely expect the central bank's Federal Open Market Committee to reduce interest rates by 25 basis points Thursday, according to the CME FedWatch tool.

"Following an outsized (50-basis-point) cut in September, the Fed is widely expected to continue along a path to easier money policy albeit at a reduced pace with a more tempered pace of (25-basis-point) this week," Stifel said in a Wednesday note to clients.

In company news, Tesla (TSLA) shares jumped nearly 15%, the top performer on the Nasdaq and among the best on the S&P 500, as presidential election results fueled bets that the electric vehicle maker stands to benefit from Trump's return to the White House.

Goldman Sachs (GS) and JPMorgan Chase (JPM) shares soared 13% and 11%, respectively, the top gainers on the Dow.

Super Micro Computer (SMCI) was the worst performer on the S&P 500 and the Nasdaq, down 23%. Late Tuesday, the artificial intelligence server maker provided interim financial information for its fiscal first quarter while saying that a committee looking into accounting firm Ernst & Young's concerns about governance found no evidence of fraud or misconduct.

International Flavors & Fragrances (IFF) shares were down 11% intraday Wednesday, among the steepest declines on the S&P 500. Late Tuesday, the company reported third-quarter adjusted earnings that fell short of Wall Street's estimates.

Qualcomm (QCOM), Arm Holdings (ARM) and McKesson (MCK) are among the companies scheduled to report results after Wednesday's closing bell.

West Texas Intermediate crude oil was down 0.1% at $71.92 a barrel intraday.

In economic news, mortgage applications in the US declined for the sixth consecutive week as rates across 30-year fixed mortgage types increased, the Mortgage Bankers Association said.

Gold was down 2.7% at $2,676.2 per troy ounce, while silver slumped 4.4% to $31.34 per ounce.