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What does the new administration mean for Wall Street? Jim Cramer's first reaction to the election is live on TheStreet's Facebook page. He joins our team of reporters along with experts and analysts tracking the markets with us.

Stock futures pared earlier sharp declines Wednesday as Republican Donald Trump was elected the next president of the United States in a surprising victory.

S&P 500 futures were down 1.6%, Dow Jones Industrial Average futures fell 1.5%, and Nasdaq futures declined 2.1%.

Trump, now the 45th president-elect of the United States, surprisingly won New Hampshire, North Carolina, Florida, and Wisconsin, key battleground states both candidates needed to secure to win the election. On Tuesday, markets factored in a win by Democratic nominee Hillary Clinton. Clinton will address her supporters at 9:30 a.m. EST.

"Now it's time for America to bind the wounds of division -- have to get together," Trump said in his victory speech. "To all Republicans and Democrats and independents across this nation, I say it is time for us to come together as one united people."

Some sectors of the market were rising in reaction to Trump's victory.

Biotech stocks, including Gilead Sciences (GILD) - Get Gilead Sciences, Inc. Report , Celgene (CELG) - Get Celgene Corporation Report and Biogen (BIIB) - Get Biogen Inc. Report  were higher as was iShares Nasdaq Biotechnology exchange-traded fund (IBB) - Get iShares Biotechnology ETF Report  that tracks these stocks. The ETF rose nearly 5% in premarket trading. Pfizer (PFE) - Get Pfizer Inc. Report was up 7.8%in premarket trading.

A Hillary Clinton victory and a Democratic takeover of Congress would have been the worst-case scenario for biotech and drug stocks given her relentless criticism of rising drug costs and promises to curb them. Trump hasn't been as vocal or openly hostile to drug companies, but he hasn't embraced or even defended their pricing practices, either, wrote TheStreet's Adam Feuerstein. 

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Safe-haven assets such as gold and government bonds moved higher on Wednesday as appetite for riskier assets fell. 

Gold futures spiked more than 2.5% to $1,306.50 an ounce, while U.S. Treasury bond yields, which move in the opposite direction of their price, slumped to 1.95%.

The Mexican peso fell at one point early Wednesday by more than 12% against the U.S. dollar. Throughout this election season, the peso has fallen when Trump's chances have risen as investors worried over the state of trade relations between the two countries under a Trump administration. Trump has promised to build a wall between the U.S. and Mexico.

West Texas Intermediate crude oil was trading down slightly to $44.83 a barrel.  

Viacom (VIAB) - Get Viacom Inc. Class B Report  reported adjusted quarterly earnings of 69 cents a share, topping analysts' estimates by 3 cents. Revenue of $3.23 billion came in below forecasts.

Viacom investors will be looking for any commentary on a possible merger to reunite with CBS (CBS) - Get CBS Corporation Class B Report . Viacom shares fell 4.9% in premarket trading.

Wendy's (WEN) - Get Wendy's Company Report  shares were up more than 1% in premarket trading after the fast-food chain beat earnings estimates on revenue of $364 million. 

Mylan (MYL) - Get Viatris, Inc. Report , the maker of the allergic reaction emergency treatment, EpiPen, is scheduled to report earnings after the market closes, as is Shake Shack (SHAK) - Get Shake Shack, Inc. Class A Report

It's fairly quiet on the economic calendar with a weekly reading on domestic petroleum inventories from the Energy Information Administration at 10:30 a.m. EST..

Minneapolis Federal Reserve Bank President Neel Kashkari will discuss policy at a question and answer event in Wisconsin on Wednesday afternoon.