|
Investors said trades betting on Trump's victory will increase
this week after he was shot in the ear during the rally in
Pennsylvania. The former U.S. president pumped his fist moments
after the attack and his campaign said he was fine.
Shares of Trump Media & Technology Group (TMTG) soared 67%.
Trump owns a majority stake in the company, worth about $3.8
billion as of June 25 according to LSEG data, and it is the
parent of social media platform Truth Social.
TMTG stock has surged 75% this year, driven by retail traders
betting on a Trump victory at the Nov. 5 rematch with President
Joe Biden, who is a Democrat.
Crypto stocks also got a boost, tracking bitcoin's jump to a
two-week high after the attack on Trump, who has presented
himself as a champion of cryptocurrency. Crypto exchange
Coinbase Global, bitcoin miners Riot Platforms Inc and Marathon
Digital added between 6% and 7%.
"Trump is seen to be pro-crypto and the theory that he is now in
a stronger position in the race to the White House has fired up
traders looking for assets to benefit if he gets back into
power," said Dan Coatsworth, investment analyst at AJ Bell.
However, "markets were surprisingly calm given the assassination
attempt", Coatsworth said.
The broader U.S. market was subdued, with futures tied to the
S&P 500 edging 0.4% higher.
Gun maker Smith & Wesson Brands gained 2.7%. Gun stocks tend to
rise after a mass shooting as calls for gun control in the past
have led some people to buy more firearms out of fear that their
availability would be limited.
Prison stocks Geo Group and CoreCivic also rose about 7% each.
Both are potential beneficiaries of a Trump presidency as he has
promised to crack down on illegal immigration, which could boost
demand for detention centers.
Software developer Phunware, hired by Trump's 2020 presidential
re-election campaign to build a phone app, jumped 50%, while
video-sharing platform Rumble, popular with conservatives, added
18%.
(Reporting by Medha Singh in Bengaluru; Editing by Devika
Syamnath)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
