NEW YORK (AP) — The U.S. stock market, Elon Musk's Teslabanks and Bitcoin are all rising on Wednesday as investors bet on them Donald Trump's return to the White House will mean for the economy and World. Among the losers the market sees: the Mexican peso, solar energy companies and possibly anyone who is worried higher inflation.

The S&P 500 rose 1.8% in morning trading and is on track to surpass its record All-time high reached last month. The Dow Jones Industrial Average rose 1,315 points, or 3.1%, as of 10:10 a.m. Eastern time, while the Nasdaq Composite gained 2.1%.

The US stock market has tended to increase in the past regardless of which party wins in the White House, with Democrats making larger gains on average since 1945. But Republican control could lead to big shifts in winners and losers beneath the surface, and investors are increasing bets previously placed on what those are higher tariffs, lower tax rates and less regulation that Trump's favors will mean.

“Markets are trying to figure out what happens next, but for now the market is pricing in a higher growth and inflation outlook,” said Peter Esho of Esho Capital.

Of course, how much change Trump can effect will likely depend on whether his fellow Republicans win control of Congress, and that is the case still to be determined. That could create room for setbacks in some of Wednesday's big, knee-jerk moves. On Wednesday morning alone, the S&P 500 fluctuated between gains of 2.1% and 1.4%.

Nevertheless, after Trump's dramatic victory, the market is split between clear winners and losers. Including:

BANK STOCKS, increased

Bank stocks led the market higher, partly on hopes that a stronger economy would lead to more customers taking out loans and paying them back with interest. They also rallied on hopes of looser regulation from a Republican White House, which could lead to more mergers and acquisitions in which investment banks could earn fees. JPMorgan Chase rose 8.3%, and the 4.5% rise in financials in the S&P 500 was by far the biggest gain among the index's 11 sectors.

CRYPTO, above

Trump has promised to make the country “the” country Cryptocapital of the planet” and create a “strategic reserve” of Bitcoin. According to Coindesk, Bitcoin price hit an all-time high of over $75,000 and recently rose 6% to just over $74,000. Companies in the crypto industry also saw a jump, including trading platform Coinbase's 17 percent jump.

TESLA, above

Musk has become a close ally of Trump and has endorsed the former president's candidacy. While Trump may hurt the electric vehicle industry broadly by eliminating government subsidies, analysts say Tesla could gain some advantage by already being such a big player in an industry. Tesla rose 11.8%, while rival Rivian Automotive fell 6.4%.

TRUMP MEDIA & TECHNOLOGY GROUP, upwards

The Company behind Trumps Truth Social The platform rose 10.5%. The company regularly relies more on Trump's popularity than his profit prospects. The increase came even after the company filed unaudited financial documents with regulators late Tuesday saying it lost $19.2 million in the most recent quarter and that its sales were weaker compared to a year earlier.

Government bond prices fell

Investors expect Trump's policies to potentially lead to stronger economic growth, helping to lower Treasury bond prices and boost their yields. Trump tax cuts could also drive up the U.S. government's deficit, increasing its borrowing needs and increasing yields even further. The yield on the 10-year Treasury note rose to 4.45% from 4.29% late Tuesday, marking a major move for the bond market. It has increased significantly compared to August when it was below 4%.

Concerns about inflation are increasing

Investors also believe Trump's policies are likely to increase future inflation, which also led to a rise in Treasury yields.

“Trump keeps telling people openly that he will increase tariffs not just on China, but on all trading partners,” said Andrzej Skiba, head of BlueBay US fixed income at RBC Global Asset Management. “We are talking about 10% tariffs for all global partners. This is a big deal because it could increase inflation by 1%. If you increase inflation numbers by 1% next year, we should say goodbye to rate cuts.”

Much of Wall Street's record run this year was based on expectations impending interest rate cuts by the Federal Reservenow that inflation seems to be on the way back to its 2% target. Loose interest rates help stimulate the economy, but can also increase inflation.

The Fed will announce its latest interest rate decision on Thursday, with a cut still expected, according to data from CME Group. However, traders are already scaling back their expectations about how many interest rate cuts the Fed will make by the middle of next year.

FOREIGN CURRENCIES, decreased compared to the dollar

Trump has vowed to sharply increase tariffs on imports from China, Mexico and other countries, dimming the outlook for Chinese exporters at a time when Beijing is betting heavily on increasing production to revive its slowing economy. The value of the Mexican peso fell another 1.6% against the dollar.

RENEWABLE ENERGY STOCKS, declining

Trump is a fan of fossil fuels and promotes the development of oil and natural gas. His victory led to a significant decline in solar stocks, including a 12.4% decline for First Solar and a 14.2% decline for Enphase Energy.