Trump media firm – behind Truth Social – takes off as markets react to shooting
Shares in the company behind Donald Trump’s Truth Social platform have surged by a third amid a wider bounce on investor hopes he returns to the Oval Office.
The Trump Media & Technology Group was one of the most actively traded stocks on Wall Street during Monday’s session.
It was the first chance investors had to give their reaction to his assassination scare on Saturday night.
The show of support saw Trump Media gain 30% at the open.
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A wider US stock market rally was attributed to a “Trump trade”.
Market commentators credited the prospect of a big sympathy vote for the Republican presidential hopeful – who is aiming to return to the White House in November’s election, having previously served as president from 2017-2021.
They were said to be pricing in a greater chance of him winning a second term as a result.
The S&P 500 and the Dow Jones Industrial Average both hit new record highs as hopes grew for investor-friendly policies ahead such as extended tax cuts and looser regulation.
Bob Savage, head of markets strategy and insights at BNY Mellon, said: “The narrative for the day rests on the ‘Trump Trade’ with many investors assuming the weekend events add to the former president being re-elected.”
Others suggested that the shooting could take some of the heat out of US politics.
Neil Wilson, chief markets analyst at Finalto, wrote: “Trump was already riding high post-debate… the events of the weekend only make it more of a certainty that he wins in November.
“It also makes it almost impossible to imagine Biden stepping down now.”
“Trump is talking about bringing the country together. We could see a change.”
On this side of the Atlantic, the investor mood was less optimistic.
The FTSE 100 closed almost 0.9% down at 8,182.
Burberry was the biggest faller, down 16%, following a weak trading update that prompted the luxury brand to cancel is dividend.
Miners and financial stocks also weighed.