New York
CNN
—

Former President Donald Trump’s expected return to the White House made many shareholders of listed companies a lot richer on Wednesday.

His victory is expected to herald sweeping changes within the Biden administration, including a tougher stance on immigration and crime, as well as a more hands-off approach to regulating businesses. It also drives significant rallies in individual stocks and the market as a whole.

It’s too early to say whether the gains will continue. Trump, for example, has promised to impose sweeping tariffs that could significantly raise prices on virtually anything that is not entirely produced in the US. That could hurt some of the companies that posted big gains on Wednesday.

But for now, these are the companies that saw some of the biggest single-day jumps after Election Day.

Prisons and detention centers

Companies that run private prisons and detention centers soared Wednesday on expectations that Trump will detain more migrants entering the country illegally. That would mark a reversal from the Biden administration, which allowed asylum seekers to work legally in the country while awaiting trial.

Shares of two private prison operators, GEO Group (GEO) and CoreCivic (CXW), rose 42% and 29%, respectively, on Wednesday.

Elon Musk is about to be rewarded for his multimillion-dollar donation to Trump’s campaign — and his efforts to get Trump re-elected — with more favorable policies for the companies he owns, including Tesla, SpaceX, startup xAI.

Of these companies, Tesla (TSLA) is the only one that is publicly traded. Shares of the electric vehicle maker closed 15% higher on Wednesday, while rival companies like Rivian (RIVN) and Lucid (LCID) tumbled.

Credit card companies and banks

Trump’s victory is expected to result in looser regulation of the banking industry. The Biden administration, on the other hand, had pushed for stricter capital requirements to protect the nation’s largest banks from failure during times of heightened stress. Bank CEOs, including Jamie Dimon, head of JPMorgan Chase, heavily criticized financial regulators’ proposal.

Based on the feedback he received, Federal Reserve Vice Chairman for Supervision Michael Barr, a top financial regulator leading efforts to impose higher capital requirements for banks, announced that the original proposal would be revised. Still, banks are tense because even a small increase in capital requirements could hurt their profitability because it means they could lend less money.

Shares of JPMorgan Chase (JPM), the nation’s largest bank, rose 11.5% on Wednesday.

Meanwhile, shares of Discover Financial Services (DFS) rose nearly 20% on Wednesday on expectations that its proposed merger with Capital One (COF), whose shares rose 15%, will go through under Republican leadership. So far, the merger proposed in February has been held up by financial regulators.

A Trump administration is generally expected to be more supportive of mergers and acquisitions than the Biden administration, which has tried to block many.

As a result, JetBlue had withdrawn from the deal to buy Spirit Airlines. But on Wednesday, shares of Spirit (SAVE) rose 9%, while shares of JetBlue (JBLU) closed 4% higher.

Trump positioned himself on the campaign trail as a pro-cryptocurrency candidate. At a Bitcoin conference last summer, he pledged to hold onto the bitcoin that the government seizes from criminals rather than auctioning it off, which is the current practice.

His win on Tuesday took bitcoin to a new all-time high above $76,000 and sent crypto-associated stocks surging. One of the biggest winners Wednesday was crypto exchange Coinbase (COIN), whose shares rose 31%.

Retail and green energy stocks are faltering

Wednesday wasn’t all good news for stocks, however.

Retailers including Five Below (FIVE), Wayfair (W) and Dollar General (DG), as well as toy makers Mattel (MAT) and Hasbro (HAS), all closed lower on Wednesday. Their declines are likely due to fears of Trump’s tariffs, which could mean the products they sell become more expensive because many are manufactured outside the US.

Green energy stocks saw some of the biggest declines of the day as Trump is expected to prioritize fossil fuel production over other energy sources seen as more environmentally friendly. Shares of solar panel companies Sunnova (NOVA) and Sunrun (RUN) fell 52% and 30%, respectively, on Wednesday. Trump is widely expected to withdraw the tax credits and other stimulus that President Joe Biden pushed for in the Inflation Reduction Act.