Trump Media & Technology Stock Surges as Donald Trump's Social Media Platform Gains Momentum in Early Trading
The Donald Trump stock finished Tuesday just below a 58.72 buy point. The Dow Jones Industrial Average briefly rallied 300 points Wednesday, as stocks looked to rebound from consecutive losses. Meanwhile, former President Donald Trump's social media platform Truth Social surged as much as 23% in its second day of trading on the stock market today.
The Dow Jones Industrial Average moved up 0.7% in morning action, while the S&P 500 rose 0.3%. The two indexes were trying to reverse a three-day losing streak. The tech-heavy Nasdaq composite turned slightly lower after the opening bell in the hopes of ending its two consecutive days of losses. The 10-year Treasury yield ticked lower to 4.22%. Further, oil prices dropped 0.7%, as West Texas Intermediate futures traded around $81.10 a barrel. Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF was up 0.3%, while the SPDR S&P 500 ETF rose 0.5%.
Trump Media & Technology soared more than 23% Wednesday morning before paring gains to about 8% in morning action. The full value of Trump's stake in the company at Tuesday's closing price was about $4.57 billion. Key earnings movers Wednesday include Carnival and Cintas. Carnival shares dropped 1% in morning action, still building the right side of a cup base. And Cintas stock leapt nearly 10%, hitting new highs.
On Tuesday, the Dow Jones Industrial Average moved down 0.1% and the S&P 500 fell 0.3%. The tech-heavy Nasdaq composite lost 0.4%.
Alphabet, Arista Networks, Duolingo, and DraftKings — plus Dow Jones components Disney, IBM, and Verizon Communications — are among the best companies to watch on the stock market today. Google and DraftKings were featured in the Stocks Near A Buy Zone column.
Disney is extended past a big cup-with-handle base's 112.92 buy point. And shares closed further out of buy range, with a 0.5% gain Tuesday. Shares added 1.2% Wednesday morning. IBM stock remains below a flat base's 196.90 buy point, with a 0.2% fall Tuesday. Shares ticked up 0.4% in Wednesday's morning trading. Telecom giant Verizon is building a flat base with a 43.21 entry, as the stock battles for support at its key 50-day moving average. Verizon shares were up 1% Wednesday.
Google parent Alphabet is rapidly nearing a consolidation's 153.78 buy point, as the stock gained 0.4% Tuesday. Google stock rose 0.2% Wednesday. Arista shares declined 2.5% Tuesday, still in buy range above a 292.66 flat-base buy point. And Arista stock was down 1.9% early Wednesday. IPO Leader Duolingo triggered the 7% loss rule below a cup-with-handle's 241.86 entry. The stock lost another 1.1% Wednesday morning. Finally, DraftKings jumped out of buy range past a 46.52 buy point in a short consolidation, with a 2.9% rally Tuesday. And on Wednesday morning, the sports-betting giant dipped 0.5%.
Nvidia sold off nearly 3%, while Tesla dropped 0.6% in Wednesday's morning action. Nvidia reversed down 2.6% Tuesday, snapping a six-day win streak. Shares remain about 5% off their record highs. Tesla shares rallied 2.9% Tuesday, testing its 50-day line, which is a key resistance level to watch. Shares remain about 40% off their 52-week high.
Among Dow Jones stocks, Apple and Microsoft traded higher after Wednesday's stock market open. Apple stock moved down 0.7% Tuesday, approaching its recent lows. Shares gained 1.7% Wednesday morning. Microsoft shares found support at the 50-day line in recent weeks, sending them to new highs. But shares have retreated over the current three-day losing streak. And the stock added 0.1% early Wednesday.
Analyst comment
Positive news: Trump Media & Technology stock surged as Trump’s social media platform gained momentum, rising 23% in its second day of trading.
Market analysis: The Dow Jones and S&P 500 rose, attempting to reverse a three-day losing streak. The Nasdaq slightly declined. Oil prices dropped, while the 10-year Treasury yield ticked lower. Overall, the market is showing mixed trends, with some sectors performing well and others experiencing losses.
