The financial markets witnessed a shocking event as shares of the Trump Media & Technology Group surged dramatically. This sudden rise followed an attempted assassination of Donald Trump, causing a ripple effect across various sectors.
Trump Media & Technology Group, the parent company of Truth Social, saw its shares rise by 31.8%, resulting in a substantial paper profit for Trump. This surge is linked to the former president’s increased likelihood of winning the upcoming election.
Market Reaction and Increase in Share Prices
Shares of Trump Media & Technology Group skyrocketed by 37% at the opening bell. The shares managed to sustain most of these gains, closing the day up 31.8% at $40.78, marking a rise of $9.83. This surge followed the assassination attempt on Donald Trump during a rally in Pennsylvania.
Launched in early 2022, Truth Social was developed in response to Trump’s bans from platforms such as Facebook and Twitter after the January 6 Capitol attack. With Trump holding a majority stake in the company, this surge translated to a paper profit of approximately $1.3 billion for him.
Impact on Cryptocurrency Markets
The optimistic outlook surrounding Trump also propelled Bitcoin to a two-week high of $63,022, while Ether saw a rise of 3.7% to $3,379. Trump has been a vocal advocate for the cryptocurrency sector, often opposing Democrat-led regulations.
Trump is slated to speak at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27. His support for the cryptocurrency market significantly influenced investor confidence following the assassination attempt.
Broader Market Indices Movement
The overall market indices saw upward movements. The S&P 500 closed up 0.3%, the Nasdaq rose by 0.4%, and the Dow Jones Industrial Average added 210.82 points, or 0.5%, reaching a record 40,211.72.
Prison stocks experienced significant gains due to the anticipation of Trump’s proposed crackdown on illegal immigration. This policy would likely increase demand for detention centres. Companies with Republican ties, such as Phunware, developer of Trump’s 2020 campaign app, also saw notable increases.
Influence on Specific Sectors and Companies
Companies with Republican ties experienced notable increases. Phunware, the developer of Trump’s 2020 campaign app, saw its stock prices soar. Similarly, Rumble, a video platform favoured by conservatives, also witnessed significant gains.
Gun manufacturers and ammunition suppliers benefitted from the heightened political tension and the potential for relaxed regulations under a Trump administration.
Conversely, green energy stocks declined amid expectations of a potential reversal of Biden administration’s climate policies under a Trump administration.
Political Implications and Public Perception
The likelihood of Trump winning the November election has reportedly increased following the shooting incident, as reflected in current betting odds. This incident significantly bolstered public sympathy and support for Trump, translating into financial confidence.
Polls indicate that many US voters perceive Trump as the superior candidate for economic matters. Prominent business figures, including Tesla CEO Elon Musk and hedge fund manager Bill Ackman, publicly supported Trump for the presidency following the incident.
Statements from Trump and Key Supporters
Trump confirmed on Truth Social that he was hit in his right ear during the incident. His resilience and quick recovery further strengthened his public image.
Prominent business figures, including Tesla CEO Elon Musk and hedge fund manager Bill Ackman, publicly supported Trump for the presidency following the incident. This public endorsement from influential figures added to the market’s positive response.
Conclusion
The attempted assassination of Donald Trump had a profound impact on the financial markets and various sectors. The surge in Trump Media & Technology Group’s shares and the broader market indices reflect the heightened support and confidence in Trump’s leadership and economic policies.
As the November election approaches, the incident has reinforced Trump’s position as a formidable candidate, with significant implications for both political and financial landscapes.
The attempted assassination of Donald Trump had a profound impact on the financial markets and various sectors. The surge in Trump Media & Technology Group’s shares and the broader market indices reflect the heightened support and confidence in Trump’s leadership and economic policies.
As the November election approaches, the incident has reinforced Trump’s position as a formidable candidate, with significant implications for both political and financial landscapes.
