Do you remember the "Trump Trade" buzz over the summer following the unsuccessful attempt on Donald Trump’s life? We’re now seeing a similar trend.
Amid the current wave of enthusiasm, it’s worth keeping an eye on DJT, the ticker for Trump Media & Technology Group Corp (NASDAQ:DJT). This company is surging, seemingly fueled by expectations of Trump’s electoral success.
Adding momentum to this rise was Trump’s recent interview with popular American podcaster and UFC commentator Joe Rogan, which has garnered tens of millions of views across social media platforms. Clips from this interview are being widely shared, boosting its virality. Meanwhile, mainstream media outlets like CNN, which are actively supporting Harris's campaign, are working hard to counteract Trump’s main points from this interview. Bitcoin, interestingly, has mirrored DJT's performance in recent days.
Trump’s media company's shares recently surged to their highest level since June. The buying interest kicked off after Trump’s rally on Sunday, where Tesla (NASDAQ:TSLA) CEO Elon Musk made an appearance. Shares of Trump Media & Technology Group (DJT), which operates the social platform Truth Social, spiked 21.89% to $47.48 on the NASDAQ exchange on Monday, October 28.
On the broader market front, Tuesday brought the first big tech earnings report from Google (NASDAQ:GOOGL), along with the September labor market data (JOLTS Job Openings). Together, these updates have set a positive trend, at least through the end of the week. Meanwhile, Binance’s top traders are actively shorting Bitcoin, with 60% of accounts positioned short over the past hour.
Interestingly, Ford Motor Company (NYSE:F) is currently valued at just half of Solana (SOL-USD), a blockchain often associated with humorous meme projects. Ford reported disappointing earnings, resulting in a 5% drop in after-hours trading. But Ford has become so relatively small that few pay it much attention, and its stock performance no longer impacts broader indices. This is the strange financial landscape we’re navigating today.