BUZZ-'Trump trade' picks up steam on U.S. election day

Reuters

05 Nov 2024

** Shares of crypto-linked companies Tesla , Trump Media and other firms tied to rising bets of Republican Donald Trump returning to the White House climb on U.S. election day

** Recent betting odds reflect expectations Trump is likely to win

** On the Predictit platform, contracts for a Trump victory traded at 58 cents, while Harris contracts were at 48 cents. Polymarket has Trump with a 63% chance of winning and Harris at 37%

** Trump Media & Technology Group , which operates the Truth Social app, jumps 11.7% to $38.5. The stock has been popular with retail traders and seen as proxy on Trump's election prospects

** Software developer Phunware , hired by Trump's 2020 re-election campaign to build a phone app, down 0.5% at $6.87, lags other Trump stocks following recent CEO, CFO resignations

** Video-sharing platform Rumble , in which Trump's running mate JD Vance has made an investment, up 0.3% at $5.79

** A trader confirmed Trump trades are behind Tesla's more than 3% gain; CEO Elon Musk has publicly endorsed Trump

** Prison operators Geo Group and CoreCivic up 6.4% and 4.7%, respectively; Trump has promised a crackdown on illegal immigration, which could boost demand for detention centers

** Trump trade favorite bitcoin up 3.5% at $69,348, helping lift crypto-linked stocks such as MicroStrategy

, Riot Platforms , MARA Holdings

(Reporting by Sruthi Shankar in Bengaluru and Lance Tupper in New York)

((sruthi.shankar@thomsonreuters.com;))

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Polymarket has Trump with a 63% chance of winning and Harris at 37%   ** Trump Media & Technology Group   , which operates the Truth Social app, jumps 11.7% to $38.5. The stock has been popular with retail traders and seen as proxy on Trump's election prospects   ** Software developer Phunware   , hired by Trump's 2020 re-election campaign to build a phone app, down 0.5% at $6.87, lags other Trump stocks following recent CEO, CFO resignations   ** Video-sharing platform Rumble   , in which Trump's running mate JD Vance has made an investment, up 0.3% at $5.79   ** A trader confirmed Trump trades are behind Tesla's more than 3% gain; CEO Elon Musk has publicly endorsed Trump   ** Prison operators Geo Group    and CoreCivic    up 6.4% and 4.7%, respectively; Trump has promised a crackdown on illegal immigration, which could boost demand for detention centers   ** Trump trade favorite bitcoin    up 3.5% at $69,348, helping lift crypto-linked stocks such as MicroStrategy , Riot Platforms   , MARA Holdings    (Reporting by Sruthi Shankar in Bengaluru and Lance Tupper in New York)((sruthi.shankar@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}