Tesla’s shares and Donald Trump’s media company, Trump Media & Technology Group, have seen a significant surge as the former president appears to be nearing a second term. Recent market data shows Tesla’s stock went up by 11%, and Trump Media & Technology Group’s stock increased by 30%, almost tripling its value since its lowest point in late September.
Market analysts attribute this surge to Trump’s pro-business stance and promises of deregulation, which they believe will help the economy grow quickly. Frédérique Carrier, head of investment strategy for RBC Wealth Management, noted, “The market believes a Trump presidency will encourage business activity and help the economy grow.”
Other notable market movements include:
- – S&P 500 Futures: Reached a new record high, showing confidence in the US economy.
- – Russell 2000 Index: Went up by 5.6%, because people think US-focused companies will do well from business incentives and tariffs.
- – Wall Street Banks: JPMorgan Chase, Bank of America, and Wells Fargo all increased between 5% and 6%.
- – Cryptocurrency: Bitcoin hit a new record high, and stocks related to crypto like Coinbase, MicroStrategy, Riot Platforms, and MARA Holdings went up by 11-14%.
- – Renewable Energy: US renewable energy companies NextEra Energy and First Solar dropped 7.5% and 11%, respectively, because of Trump’s promises to change climate regulations.
These market trends are happening as Republicans gain control of the Senate, but the battle for control of the House of Representatives is still unclear. The results of the congressional elections will greatly affect the president’s ability to lead the country in the next two years.