Axios

The full reality of what a second Trump term means for businesses and the economy is still settling in.

Why it matters: The kind of ebullience that investors have expressed in the markets post-election this week may not last.

While investors calibrate their post-election bets, one already surging industry continued to gain: the prison business.

• Driving the surge in private prison stocks is Trump's promised immigration crackdown.

Zoom out: Two of the biggest players in the industry earn revenue from housing detained migrants through contracts with U.S. Immigration and Customs Enforcement.

• Geo Group, which also provides monitoring services for people on the government's list of non-detained, "removable" non-citizens, saw its stock gain 3.9% today, contributing to a 67% surge since Election Day.
• CoreCivic, a slightly smaller competitor, has gained nearly 65%.

Beyoncé can now say she has 99 Grammy nominations, including one for a big title she's yet to win: album of the year.

Driving the news: The Recording Academy announced this morning that she has the most number of nominations this year, with 11 — followed by Billie Eilish, Kendrick Lamar, Post Malone and Charli XCX, who each have 7.

The big picture: The awards ceremony on Feb. 2 in Los Angeles will be broadcast on CBS and streamed on Paramount+.

• But come 2027, the show will have a new home after more than 50 years: ABC, Hulu and Disney+.

Between the lines: "Clearly ... the Recording Academy looks at Disney as a bigger player in the streaming space than it does CBS," Mikael Wood, a music critic at the LA Times, told Trapital.

Tesla pushed back into the $1 trillion market cap club following a surge in stock price Friday.

Why it matters: Just weeks ago investors were fretting about CEO Elon Musk's support for Donald Trump — now that they've both won, attention has turned to the potential benefits for the company.

Black Friday sales are here early with Target, Kohl's and Best Buy holding holiday events this weekend and Walmart kicking off a weeklong sale Monday.

Why it matters: With less than three weeks to Thanksgiving, the nation's largest retailers are rolling out deals to entice consumers to shop early and keep shopping.

The votes aren't all counted yet, but the early jockeying for position on the Fed's future has begun.

Why it matters: Fed chair Jerome Powell said bluntly Thursday he would not step down even if President-elect Trump asked him to, and that it would be illegal for the president to fire or demote a Fed governor.

Dealmakers are feeling frisky, shouting from the rooftops that Donald Trump's election will lead to a surge in new merger activity.

The big picture: Sentiment often sparks strategy, so it's reasonable to believe in the animal spirits. But some skepticism is warranted.

OpenAI paid around $15 million to purchase the Chat.com domain from HubSpot co-founder and CTO Dharmesh Shah.

Why it matters: This is believed to be one of the most expensive domain purchases ever, albeit a far cry from the $872 million that Gannett paid in 2014 for Cars.com (as part of a broader purchase).

On Election Day, voters in red states approved progressive ballot measures to raise the minimum wage and to put sick leave mandates in place.

Why it matters: Democrats didn't exactly crush it at the ballot box this year, but some of the economic policies typically associated with their party still proved popular.