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Here are five things you must know for Wednesday, Nov. 9:

1. -- Stock futures were tumbling Wednesday but were well off their lows as Republican Donald Trump was elected the next president of the United States in a surprising victory.

"I pledge to every citizen of our land that I will be president for all Americans," Trump said in his victory speech. He added, "For those who have chosen not to support me in the past, of which there were a few people, I'm reaching out to you for your guidance and your help so we can work together and unify our great country."

Global markets also were feeling the jolt from Trump's over his Democratic rival Hillary Clinton as European stocks fell but pared earlier losses and Asian markets tanked. Japan's Nikkei finished the session with a loss of 5.4%.

The losses were somewhat limited by the certainty of Trump's decisive win, which also included both Houses of Congress, a majority in the Electoral College and an edge in the popular vote.

The U.S. dollar sank, the Mexican peso plunged at one point by 11% and gold prices surged to above $1,300 an ounce following the Trump win.

Oil prices in the U.S. were down 0.4% to $44.79 a barrel.

2. -- What does Trump's victory mean for U.S. interest rates? One economist said Tuesday it's less likely the Federal Reserve will make a move next month.

"It raises the odds that the Fed will not move in December," said Mark Zandi, chief economist of Moody's Analytics, of Trump's victory on Tuesday, Reuters reported.

Most Fed watchers expected the U.S. central bank to raise interest rates at its next meeting as the U.S. economy strengthened. Another economist told the Associated Press that Trump's victory rules out a rate hike entirely.

"Given the adverse market reaction we have already seen, the Fed's planned December rate hike is now off the table," Paul Ashworth, chief U.S. economist at Capital Economics, told the AP. He said Fed Chair Janet Yellen and other top policymakers might even resign in the event of a Trump presidency, because his victory demonstrates that that many Americans share his view that the Fed has been "overtly political."

3. -- Drugmakers were getting a boost from Trump's surprise victory on expectations that pricing pressure on medicines in the U.S. will ease and as investors piled into defensive stocks.

In the U.K., generics drug maker Hikma (HKMPF) was the second best performer in early trading on the FTSE 100, up almost 7%. It was joined in the U.K. index's top 10 gainers by branded drug makers Shire (SHPG) - Get Report , up 5%, and AstraZeneca (AZN) - Get Report , up 2.3%. 

In France, Sanofi (SNY) - Get Report was up just more than 2%,  making it just one of three companies to buck a fall in Paris's CAC 40, which was down 1.07%. In Germany, Bayer (BAYN) and Merck (MRK) - Get Report were among the handful of rising stocks on the DAX, climbing 2.7% and 1.2%, respectively, despite the index's decline of just under 1%. Elsewhere, Denmark's Novo Nordisk (NVO) - Get Report was up 6.4%, while Switzerland's Roche (RHHBY) was up just more than 4%.

U.S. drugmakers were also rising in premarket trading on Wednesday. Pfizer (PFE) - Get Report gained 3.9%, Merck (MRK) - Get Report gained 0.9%, Johnson & Johnson (JNJ) - Get Report gained 0.6% and Bristol-Myers Squibb (BMY) - Get Report rose 0.7%.

Must Read: European Auto Stocks Head for Car Crash on Trump Victory

4. -- Apart from the election, investors will be paying attention to the economic calendar in the U.S. on Wednesday that includes Wholesale Inventories for September at 10 a.m. EST, and Crude Inventories for the week ended Nov. 5, at 10:30 a.m.

5. -- Earnings are expected Wednesday from Energizer (ENR) - Get Report , Shake Shack (SHAK) - Get Report , Dish Networks (DISH) - Get Report and Viacom (VIAB) - Get Report .