Shares of Donald Trump’s media company rose in early trading Monday, following a failed assassination attempt on the former president over the weekend. This event fueled market enthusiasm for Trump-related investments. Trump Media & Technology Group Corp., which trades under the symbol DJT, saw a nearly 50% rise in early trading. Other stocks that could benefit from a possible Trump re-election, such as private prison companies and cryptocurrency miners, also saw early gains.
Matthew Tuttle, CEO of Tuttle Capital Management, commented, “It’s all about Trump trading right now,” noting that investors often view Trump Media stock as a direct indicator of Trump-related market trends.
Following the attack at a rally in Pennsylvania on Saturday, PredictIt data suggested an increased likelihood of Trump winning a second presidential term.
Trump Media shares have shown volatility since their debut in March, influenced by fluctuations in the election odds between Trump and President Joe Biden. Trump has a majority stake in the company, which operates Truth Social, a social media platform launched after Trump was banned from major sites following the 2021 Capitol riots.
Conservative video network Rumble Inc. posted a 9% rise in early trading.
More broadly, sectors expected to benefit from another Trump term posted gains. Gun stocks rose, with Smith & Wesson Brands Inc. up more than 6% and Sturm Ruger & Company Inc. up about 5%. Private prison companies GEO Group Inc. and CoreCivic Inc. rose more than 7%.
Cryptocurrency-related stocks, including Coinbase Global Inc. and miners such as Marathon Digital Holdings Inc., gained as Bitcoin rallied. Health insurers, which are expected to benefit from less regulation under the Trump administration, saw UnitedHealth Group Inc. advance 2.1% and Humana Inc. 2.5%. Tesla Inc. gained about 4% after Elon Musk endorsed Trump.
By contrast, shares of solar energy companies fell as Democrats are perceived to be more supportive of the industry. Enphase Energy Inc. and First Solar Inc. fell about 4%.
Overall, the market started the week on a positive note, with S&P 500 index futures rising about 0.4%.
Tom Essaye, president and founder of Sevens Report, wrote: “While expectations of a Trump victory in November are driving futures this morning, the event is unlikely to have a lasting impact on markets.
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