MW From Trump media 'DJT' to bitcoin, these stocks are climbing after the failed assassination attempt on former president
By Louis Goss and James Rogers
Trump Media & Technology Group shares head for six-week high as the Republican National Convention kicks off in Milwaukee
Market speculation over former President Donald Trump's chances of re-election after an attempted assassination were driving up the price of bitcoin and several stocks on Monday, including a massive rally for his social-media group.
Shares in Trump Media & Technology Group Corp. $(DJT)$ jumped more than 50% in premarket trading as Trump arrived in Milwaukee for the Republican National Convention following Saturday's shocking events that left one person dead and two injured.
The operator of the social-media platform Truth Social, saw its stock price increase 50.5% in Monday's premarket trades, putting it on track to open at around a six-week high. Some betting markets have predicted that Trump's re-election chances are now higher following the attempt on his life.
Trump, who owns a majority 65% stake in the company, said in a post on Truth Social that he would still be heading to the Republican National Convention, despite being shot in the right ear at a rally in Butler, Pa., on Saturday.
"Based on yesterday's terrible events, I was going to delay my trip to Wisconsin, and The Republican National Convention, by two days, but have just decided that I cannot allow a 'shooter,' or potential assassin, to force change to scheduling, or anything else," Trump wrote.
The Truth Social parent had run up 76.5% to date in 2024 through Friday, while the S&P 500 index SPX has advanced 17.7%.
Related: Elon Musk, Bill Ackman say they are endorsing Trump for president
Elsewhere, shares of Tesla rose 4% in premarket trades. Elon Musk, the CEO of the EV maker $(TSLA)$ and SpaceX and owner of the social-media platform X, an ostensible rival to the Trump media company, said in a post on X following the shooting that he has fully endorsed Trump's candidacy for president.
Related: Photos of bloodied Trump after rally shooting are already iconic - and selling on T-shirts
Other sectors are also moving following this weekend's events.
Leading cryptocurrencies and related stocks continued their climb Monday after surging in the wake of the attack on Trump, possibly in reaction to a potential Republican victory in November's presidential election and a more unstable political environment.
Bitcoin (BTCUSD) rose 4.3% after topping $60,000 for the first time since mid-June Sunday. Ethereum (ETHUSD) was up 4.4% and Solana (SOLUSD) was up 4.2%.
Crypto exchange Coinbase Global Inc. $(COIN)$ was up 5.7% while MicroStrategy Inc. $(MSTR)$, one of the largest publicly traded holders of bitcoin, is up 9.3%. Spot bitcoin ETFs are also climbing with BlackRock's iShares Bitcoin Trust IBIT rose 8.4%, Grayscale Bitcoin Trust GBTC up 8.5%, the ARK 21Shares Bitcoin ETF ARKB up 8.4%, and the VanEck Bitcoin Trust HODL was up 8.5%.
Related: Bitcoin surges and passes $62,000 level after shooting attack on Trump
Bitcoin miners are also rising. Marathon Digital Holdings Inc. (MARA) is up 5.4%, while Ebang International Holdings Inc. $(EBON)$ is up 2% and Riot Platforms Inc. (RIOT) is up 5.5%.
Other sectors are climbing following the failed assassination attempt. While the shooting has once again brought the issue of gun control into the spotlight, Trump is pro-Second Amendment. Shares of firearm and ammunition makers are climbing, with Smith & Wesson Brands Inc. $(SWBI)$ up 5.6% and Sturm Ruger & Co. $(RGR)$ up 5% in premarket trades. Ammo Inc. $(POWW)$ was up 5.4%.
Prison-related stocks are also climbing with CoreCivic Inc. $(CXW)$ up 7.8% and Geo Group Inc. $(GEO)$ up 7.3%.
Steve Goldstein and Frances Yue contributed to this report
-Louis Goss -James Rogers
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(END) Dow Jones Newswires
July 15, 2024 08:55 ET (12:55 GMT)
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