The health care insurance sector saw a positive uptick in midday trading, with companies like Humana and UnitedHealth Group gaining around 1% each. The increased likelihood of a Donald Trump victory in the upcoming presidential election has raised hopes of fewer cost pressures in the industry. Wolfe Research has also identified Humana as a potential beneficiary of a Republican win, further boosting investor confidence in the company.
Trump Media & Technology Surges
Shares of Trump Media & Technology surged by nearly 29% following the news of an attempted assassination on former President Trump. This event has fueled speculation of a Trump win in the upcoming election, leading investors to show increased conviction in the company. Trump Media, the parent company of social media platform Truth Social, has seen a significant increase in its stock price as a result of the heightened political atmosphere.
Macy’s shares took a hit, plummeting by 12% after the department store ended negotiations with potential buyers Arkhouse and Brigade. The two companies had expressed interest in acquiring Macy’s for approximately $6.9 billion and taking it private. The failed deal has caused uncertainty among investors, resulting in the decline of Macy’s stock price.
Firearm Manufacturers See Increase in Stock Value
Following a shooting incident at Trump’s rally, shares of firearm manufacturing companies like Sturm, Ruger & Company and Smith & Wesson saw a boost in their stock prices. Sturm, Ruger & Company rose by 7%, while Smith & Wesson jumped by 10%. Historically, gun stocks tend to rise after mass shootings, as investors anticipate an increase in firearm sales due to concerns over potential restrictions on availability.
SolarEdge Technologies witnessed a decline of 13% in its stock price after announcing plans to lay off 400 employees to improve profitability amidst declining revenue. The decision to downsize has had a ripple effect on other solar stocks, with companies like Sunrun, Sunnova Energy, and NextEra Energy also experiencing losses in their stock prices. The news has raised concerns among investors about the future of the renewable energy sector.
Goldman Sachs saw a 1% increase in its stock price after reporting an earnings beat in the second quarter. The bank posted earnings per share of $8.62 on revenue of $12.73 billion, surpassing analysts’ expectations. This positive performance has bolstered investor confidence in the financial institution, reflecting a strong outlook for the company moving forward.
The cryptocurrency market saw a surge in stock prices, with companies like Coinbase, Marathon Digital, and MicroStrategy experiencing gains. Investors have become more optimistic about a potential Trump election win, as they believe it will benefit cryptocurrencies. The recent positive remarks by the Republican candidate about the asset class have further fueled investor interest in digital currencies, contributing to the upward trend in crypto stocks.
Apple’s stock price rose by 2% following an upgrade by Loop Capital to a buy rating. The analyst firm highlighted the company’s upcoming artificial intelligence integrations as a key driver for future growth, positioning Apple as a leading choice for consumers in the gen AI space. Additionally, Bloomberg News reported a record $8 billion in annual sales for Apple in India, signaling strong performance and expansion opportunities for the tech giant.
Shares of medical products company Baxter International declined by 3% after a downgrade by Morgan Stanley to underweight from equal weight. Despite trading at its lowest level in almost a decade, the firm expressed limited upside potential for Baxter International. The downgrade has raised concerns among investors about the company’s ability to rebound in the near future.
Tesla Continues its Rally
Tesla’s electric vehicle stock continued its upward trend, gaining nearly 5% and extending its rally of more than 31% for the month. The company’s strong performance in the market reflects investor confidence in its innovative technology and growth prospects. Tesla remains a key player in the electric vehicle industry, driving momentum in the sector.