Trump Media Shares Surge 50% Post Assassination Attempt Boosts Reelection Bid Momentum
Trump Media shares soar 50% after failed assassination attempt boosts reelection momentum. Market rallies for Trump-related stocks including crypto and gun firms.
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Shares of Donald Trump’s media company surged in early trading on Monday, following a failed assassination attempt on the former president over the weekend. This event boosted market enthusiasm for Trump-related investments. Trump Media & Technology Group Corp., trading under the ticker DJT, saw a nearly 50% rise in early trading. Other stocks that could benefit from a potential Trump re-election, such as private prison companies and cryptocurrency miners, also experienced early trading gains.
Matthew Tuttle, CEO of Tuttle Capital Management, commented, "It's all about the Trump trade right now," noting that investors often view Trump Media shares 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 securing a second presidential term.
Trump Media shares have shown volatility since their debut in March, influenced by the fluctuating election odds between Trump and President Joe Biden. Trump holds a majority stake in the company, which operates Truth Social, a social media platform launched after Trump's ban from major sites following the Capitol riot in 2021.
Conservative video network Rumble Inc. saw a 9% rise in early trading.
More broadly, sectors expected to benefit from another Trump term saw gains. Gun stocks rose, with Smith & Wesson Brands Inc. up over 6% and Sturm Ruger & Company Inc. up around 5%. Private prison companies GEO Group Inc. and CoreCivic Inc. both rose more than 7%.
Cryptocurrency-related stocks, including Coinbase Global Inc. and miners like Marathon Digital Holdings Inc., gained as Bitcoin rallied. Health insurers, expected to benefit from less regulation under a Trump administration, saw UnitedHealth Group Inc. advance 2.1% and Humana Inc. rise by 2.5%. Tesla Inc. gained about 4% after Elon Musk endorsed Trump.
Conversely, shares of solar energy companies declined, as Democrats are perceived as more supportive of the industry. Enphase Energy Inc. and First Solar Inc. both fell around 4%.
Overall, the market began the week on a positive note, with S&P 500 Index futures up about 0.4%.
Tom Essaye, president and founder of Sevens Report, wrote, "While expectations of a Trump win in November are boosting futures this morning, the event is unlikely to have a lasting impact on markets.
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