WALL ST Decision: Trump’s DJT stock hits an all-time low!
On the evening of September 10, Harris and Trump faced off in their first TV debate in Philadelphia. After that, the $Trump Media & Technology(DJT)$ stock plummeted in pre-market trading on September 11.
At one point, it had dropped more than 18%, closing down over 10% at $16.68—its lowest point since going public earlier this year.
Market Reactions to Harris’s Performance
Observers suggest Harris outperformed expectations. If investors believe this boosts her chances of winning the White House, the market might be moving away from the so-called "Trump trade."
Wall Street analysts warn that if Harris’s odds of winning the November presidential election continue to rise, the dollar could weaken further.
Notably, after the debate, pop star Taylor Swift announced her support for Harris on social media. This move has been seen as a crucial boost for Harris’s campaign. Her team has called it a significant endorsement.
Market watchers believe Harris's strong performance could impact asset prices in the coming days.
Eric Beyrich, Sound Income’s portfolio manager, noted, “Neither candidate presented strong economic viewpoints, but overall, Harris did better than Trump. The market prefers clarity over sharp statements.”
Dollar Softing and "Trump Trade"
Brown Brothers Harriman (BBH) reported that the weakening dollar, falling U.S. bond yields, and lower stock index futures indicate that the market might be unwinding the "Trump trade" post-debate.
BBH's senior market strategist Elias Haddad commented that the market response was the opposite of June's debate, where Trump clearly won against Biden. PredictIt’s betting markets, showing Harris as the debate winner, suggest that financial markets are adjusting their stance on Trump.
Market analyst Robert Howard said that if investors believe Harris’s chances of winning the November presidential election continue to rise, the dollar could weaken further.
Nomura Securities strategists, including Craig Chan, have reported maintaining a bearish stance on the dollar in Asian forex markets following the presidential debate. Polls after the debate show Harris likely came out on top. If she maintains her lead in subsequent polls, the dollar might soften.
The strategists noted, "Since Harris performed relatively better in the debate, we believe market concerns about Trump’s potential policies, which could hinder anti-inflation efforts and slow global economic growth, will slightly decrease."
Taylor Swift’s Endorsement
Taylor Swift took to social media to clarify recent false reports suggesting she supports Trump. Swift confirmed she will vote for Harris in the 2024 election, stating she is “fighting for rights.”
Last month, Trump posted images claiming “Taylor and her fans support Trump,” but these were later revealed to be AI-generated.
Swift said, “Like many of you, I watched the debate tonight. If you haven’t yet, now it is the time to research the issues and the candidates’ stances on what matters most to you. I will vote for Kamala Harris and Tim Walz in 2024.”
She described Harris as a “warrior” and a “steady and talented leader,” with running mate Walz fighting for LGBT and women’s rights for decades.
Ending her post, Swift referred to herself as the “childless cat lady,” including a photo with her cat.
CNN reported that Swift’s endorsement is crucial for Harris and ends months of speculation about whether the pop superstar would get involved in the presidential race.
"Taylor is one of the most influential celebrities, capable of leveraging her massive popularity to impact areas like the economy, legislation, film, and album releases," Vanity Fair wrote. In 2020, she publicly opposed Trump and supported abortion and LGBT rights. In 2023, she advocated for voter registration, adding about 32,000 new voters.
CNN also noted Trump’s reaction to Swift’s endorsement. When asked about it, Trump said, “I don’t know.” His spokesperson claimed Swift’s support proves the Democrats are the party of the rich and elite, “President Trump will continue fighting for the forgotten men and women of this country.”
Harris’s team seized the moment. Her deputy campaign manager, Quentin Folkes, said, “This support means a lot to us. It’s Taylor Swift. We respect her endorsement and clearly, she’s been paying attention to our performance tonight.”
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