The shares of Donald Trump’s media company surged in early trading Monday after a failed assassination attempt on the former president over the weekend boosted momentum for the so-called Trump trade across markets.
Trump Media & Technology Group Corp., which trades under the ticker DJT and debuted earlier this year, was up around 50% in early trading. Other stocks seen as benefiting from the Republican winning another term — from private prison firms to cryptocurrency miners — rallied in early trading.
The chances of the presumptive Republican candidate, who was shot at a rally in Pennsylvania on Saturday, winning a second term increased in the aftermath of the attack, according to PredictIt data.
“It’s all about the Trump trade right now,” said Matthew Tuttle, chief executive officer at Tuttle Capital Management. The reaction in Trump Media shares is expected as investors tend to use the stock as “the direct Trump trade,” he added.
Shares of Trump Media have been volatile since debuting in March as traders responded to Trump’s and President Joe Biden’s shifting odds to clinch the presidential race. The former president owns a majority stake in the company, which operates the social media platform Truth Social.
More broadly, the candidate’s rising odds of victory bolstered sectors seen as benefitting from another Trump term. Gun stocks rose, cryptocurrency-linked stocks and miners gained as Bitcoin rallied.
Health insurers, which are seen as potential beneficiaries of less regulation under a Trump administration, rose: UnitedHealth Group Inc. advanced 2.1% and Humana Inc. was higher by 2.5%. Tesla Inc. rose about 4% after Elon Musk endorsed Trump.
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