Financial markets opened with a surge on Monday following an assassination attempt on former President Donald Trump.
The incident, which occurred at a rally near Pittsburgh on Saturday, left Trump with a minor ear injury.
Dow Jones futures pointed to a strong start, up 228 points (0.6%) to 40,529. S&P 500 and Nasdaq futures also showed gains of 0.4% each.
Trump-linked stocks saw significant movement.
Shares of Trump Media & Technology Group, the company behind Truth Social, jumped 50% in pre-market trading to $46.56.
This follows last week’s closing price of $30.88, which valued the company at $5.86 billion.
Cryptocurrency-related stocks also rallied.
Odds of Trump sweeping the 2024 election race surge after last night's attempt at the former president's life. This is likely to be perceived as constructive for stocks, particularly within the old economy where de-regulation would be a key theme. Crypto is another beneficiary. pic.twitter.com/dxFzghkWJB
— Markets & Mayhem 🤖 (@Mayhem4Markets) July 14, 2024
Bitcoin mining companies Marathon Digital Holdings and Riot Platforms both rose over 5% before the market opened.
MicroStrategy and Coinbase saw even larger pre-market gains of 8% and 5% respectively.
Market analysts suggest these movements reflect a belief that the assassination attempt might boost Trump’s election chances.
“Investors are reacting to the possibility of a Trump presidency, which some view as potentially favorable for certain sectors, especially crypto,” said one Wall Street expert.
Trump has increasingly positioned himself as crypto-friendly, which may explain the uptick in related stocks.
However, it’s worth noting that market reactions can shift quickly as new information emerges.
While the financial impact is clear, the political fallout from this event is still developing.
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Investors will be watching closely to see how this might shape both market trends and the political landscape as the November election approaches.
