Excitement soared in the US stock market on Monday as the benchmark S&P 500 hit a fresh record high. The surge in stock indices was fueled by increased optimism surrounding presidential candidate Donald Trump potentially winning a second term, especially after surviving an assassination attempt.
At the opening bell, the Dow Jones Industrial Average rose by 137.50 points, or 0.34 percent, reaching 40,138.40. The S&P 500 also saw a gain of 22.81 points, or 0.41 percent, hitting 5,638.16. The Nasdaq Composite wasn’t far behind, with an increase of 87.47 points, or 0.48 percent, to 18,485.91.
Reports emerged that Donald Trump had been shot in the ear during a rally in Pennsylvania over the weekend. Despite the incident, Trump showed resilience by pumping his fist, and his campaign quickly assured the public that he was unharmed.
Following the news of the assassination attempt, shares of Trump Media & Technology Group skyrocketed by 36.6 percent, reflecting growing confidence in the former US president’s potential reelection.
During premarket trading sessions, the stock surged by an impressive 67 percent, showcasing strong investor interest and support.
The cryptocurrency market also witnessed a surge in prices, particularly after Bitcoin’s value crossed $62,000 post-Trump’s attack. Given Trump’s pro-cryptocurrency stance, investors showed renewed enthusiasm for digital assets.
Goldman Sachs made headlines with a 1.5 percent increase in its shares, following a robust performance in profit and revenue during the second quarter.
Meanwhile, BlackRock shares experienced a slight dip of 0.2 percent despite surpassing profit forecasts, reflecting a nuanced response from investors.
Rumble Inc., a conservative video network company, saw a remarkable surge of 10 percent in its stock price, indicating growing market interest in the sector.
Sector-specific stocks such as gun makers, private prison operators, and health insurers witnessed an uptick in their prices, driven by the increasing odds of Trump’s victory in the upcoming elections.
Turning to the bond market, Treasury Yields saw a modest increase, with the 10-year Treasury yield climbing to 4.21 percent from the previous 4.19 percent.
Crude Oil
Oil prices remained steady on Monday, with Brent crude futures up by 3 cents at $85.06 per barrel and US West Texas Intermediate crude gaining 7 cents to reach $82.28.
Bullion
Gold prices maintained their position above $2,400 per ounce on Monday, reflecting stable market conditions.
Spot gold was steady at $2,413.09 per ounce, while US gold futures experienced a slight decline of 0.1 percent, settling at $2,418.00. Similarly, spot silver fell marginally to $30.74.
