Shares in Trump Media (DJT) soared by around 70% in pre-market trading as traders increased bets that Donald Trump would win the US presidential election following the weekend’s assassination attempt.
There appears to be speculation in the market that the assassination attempt will increase the chances of Trump winning the November presidential election, which would benefit TMTG despite its financial difficulties thus far.
“The U.S. dollar is likely to get a boost as markets price in the possibility of Trump 2.0, but the Mexican peso and Chinese yuan could take a hit,” said Charu Chanana, market strategist at Saxo Capital Markets. “Trump-related trades may come back into focus.”
Markets are expecting a Trump presidency to lead to looser fiscal policy and higher tariffs on foreign goods.
“To us, this news reinforces that Trump is the front-runner,” said Mark McCormick, global head of foreign exchange and emerging markets strategy at Toronto-Dominion Bank. “We remain bullish on the dollar in late and early 2025.”
The Trump Media and Technology Group’s mission is to end Big Tech’s attacks on free speech by opening up the internet and giving people a voice back.