The morning after

Good morning. Markets take a slight breather as traders mull Donald Trump’s return. We take a look at global warming and what’s at stake. And you can thank AI for that Wendy’s Frosty. Listen to the day’s top stories.

US equity futures maintained their post-election gains as traders continued to map out what happens when Donald Trump returns to the White House. His win has forced investors to come to terms with policies that could lead to fewer interest rate cuts and more government spending. And remember Trump’s tweets at all hours that rocked the markets? Investors are also preparing for his social-media activity. Stay tuned.
President Joe Biden will address the nation at 11 a.m. ET after calling Trump yesterday to congratulate him, committing to a smooth transition. In the wake of Kamala Harris’ defeat, the polling industry will look into how it got things so wrong. Democrats will again examine their fate after a second loss to Trump, while the outcome of the House battle remains uncertain with many key races still too close to call.

The Federal Reserve is expected to lower borrowing costs today. Central bankers the world over are worried about Trump’s policies and how they could lead to slower global economic growth and higher inflation. His win increases uncertainties in Japan for instance, potentially leading to a near-term rate hike there .

Big payday. The net worth of the world's 10 richest people surged by a daily record of $63.5 billion yesterday. Elon Musk, Jeff Bezos, and Larry Ellison were among the top gainers, with Musk alone adding $26.5 billion to his net worth. But Illinois millionaires beware: Voters in the state approved a proposal to add an extra levy on the income of high earners. And Trump may have lost New York, but his home state did shift right—helping him potentially win the American popular vote.

In corporate news, Qualcomm, the world’s biggest seller of smartphone processors, gave a bullish sales forecast, pointing to bright spots in the mobile device industry. Arm Holdings, the chip designer that went public last year, was more tepid in its outlook . The results show that the phone industry is making an uneven comeback. On a much brighter note, Lyft’s shares surged premarket after signaling success in attracting commuters.

Trump has said he wants a “say” on interest rates—and that Powell won’t get another term as chair. Here’s an explainer on what a re-elected Trump can and can’t say to sway the Fed.

This year will be the hottest on record, and the first to exceed the target set at the Paris climate conference in 2015, according to a European Union data service.

Nvidia sees its next opportunity in robotics, Parmy Olson writes. The playbook should again involve becoming everyone’s essential partner—and that means building the robots’ brains and not their bodies.

Wendy’s is betting on AI to keep up with demand for its $1 Frosty. The fast-food chain is leaning on a program by Palantir, which built its reputation serving defense-focused clients, to spot inventory shortages before they happen.

Enjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:

Explore all newsletters at Bloomberg.com.