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Gulf Press > Business > Forex > Trump Media & Technology Group Stock Update: DJT falls despite perceived victory in Biden debate
Forex

Trump Media & Technology Group Stock Update: DJT falls despite perceived victory in Biden debate

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Last updated: 2024/06/28 at 7:58 PM
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Donald Trump appeared to have emerged as the winner in a CNN debate with President Biden. Despite Trump’s slight lead in the polls, Trump Media & Technology Group (DJT) stock sank by 7% on Friday. The stock represents Trump’s social media company, TRUTH Social. The market was optimistic after the US released Personal Consumption Expenditures data, showing a decrease in inflation. This led to expectations of trimmed interest rates from the Federal Reserve. The NASDAQ Composite, S&P 500, and Dow Jones were largely flat following this update.

The general consensus following the debate was that Trump won as Biden had several verbal stumbles. Biden sounded hoarse and stumbled repeatedly during the debate, leading to concerns among his allies about his chances in the upcoming election. While Trump spoke more on foreign policy, Biden dominated the discussion on the economy. Most media outlets criticized Trump for being misinformed and lying on certain issues. Despite the polls showing a close race, Trump maintained a slight lead over Biden, with Robert F. Kennedy, Jr. at 9%.

The S&P 500 is a widely followed stock price index that measures the performance of 500 publicly owned companies. The companies’ influence on the index is based on market capitalization. The index has achieved impressive returns, with an average annual return of 11.9% since its inception in 1957. Companies in the index are selected by a committee based on eligibility criteria, including market capitalization, liquidity, domicile, and sector representation. Traders can trade the S&P 500 through various means, such as Contracts for Difference, Index, Mutual, and Exchange Traded Funds.

Trump Media stock saw a 7% decline on Friday, reaching around $34 per share after opening at an intraday high of $39.94. The stock is currently trading below the 50-day and 100-day Simple Moving Averages, indicating a downtrend. Support levels are seen at $32 and the 200-day SMA. If these levels fail to hold, further support can be found at range lows of $23 and $26 from previous months. Overcoming the SMAs is crucial for DJT stock to establish a more positive trend.

The performance of the S&P 500 is influenced by the quarterly and annual earnings reports of component companies, as well as US and global macroeconomic data. Investor sentiment, driven by economic indicators and central bank policies, also impacts the index. The Federal Reserve’s decisions on interest rates play a significant role in the S&P 500’s movements, as it affects the cost of credit for corporations. Inflation and other economic metrics are key drivers of the index’s performance.

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News Room June 28, 2024
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