The daily business briefing: November 9, 2016

1. Markets plunge after Trump upsets Clinton

U.S. stocks appeared headed for heavy losses at the start of trading on Wednesday after Donald Trump's upset victory in the presidential election. Dow Jones Industrial Average futures plunged by as much as 750 points, or more than 4 percent, then regained some ground after Trump made a conciliatory victory speech. The Dow was down by 301 points, or 1.6 percent, shortly before the opening bell on Wednesday. The Mexican peso dropped by 7 percent against the U.S. dollar in a sign of market fears over Trump's vow to renegotiate or end NAFTA, a free trade deal involving the U.S., Mexico, and Canada. Markets, like polls, had been betting on a victory by Democrat Hillary Clinton, who was expected to stay the course on the economy.

MarketWatch The Washington Post

2. Market losses raise questions about Fed's next move

The market turmoil stirred up by Donald Trump's upset victory in the presidential election cast doubt on the assumption that the Federal Reserve would raise interest rates in December. Global stocks and the U.S. dollar sank while safe havens such as gold gained overnight after it became clear that Trump, the Republican nominee, had beaten Democrat Hillary Clinton, who led in the final round of polls ahead of the vote. The Fed held off on hiking rates after past shocks, including China's 2015 stock slump and the U.K.'s vote to leave the European Union in June.

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Reuters

3. GoPro recalls newly released Karma drone

GoPro on Tuesday recalled its new Karma drone just 16 days after it hit the market. GoPro said it had sold 2,500 of its first drone model before telling customers to return them due to a possible power malfunction. "Safety is our top priority," said GoPro Founder and CEO Nicholas Woodman in a statement. "A very small number of Karma owners have reported incidents of power failure during operation. We have moved quickly to recall all units of Karma and provide a full refund while we investigate the issue."

Techcrunch GoPro

4. Bidders line up for chance to buy Pilsner Urquell

Anheuser-Busch InBev received at least six offers for a collection of beer brands that includes Pilsner Urquell in the Czech Republic, sources close to the matter said Tuesday. First-round bids were due on Monday in the first step of the sale, which is part of AB InBev's takeover of SABMiller, which is worth more than $100 billion and closed last month. The brands up for sale have a value of more than $5.5 billion.

Reuters

5. Fans angry over shrinking Toblerone bar

Mondelez International altered the shape of its popular Toblerone chocolate bar, adding space between its signature triangles to reduce the amount of chocolate in each bar due to rising ingredient prices. The change reduced the standard Toblerone bar's weight from 170 grams to 150 grams, sparking an angry reaction from fans on social media Tuesday. Mondelez responded on Facebook by saying, "We carry these costs for as long as possible, but to ensure Toblerone remains on shelf, is affordable and retains the iconic shape we all know and love, we have had to reduce the weight of this particular bar."

CNN