October 22, 2024

Stock market today: Dow, Nasdaq, S&P 500 recover from lows as Treasury yields hit highest level since July

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Trump Media & Technology Group stock (DJT) hit its highest level since July on Tuesday, rising as much as 10% as investors bet on former President Donald Trump’s improved odds of winning the November election in exactly two weeks.

Shares in the company, the home of the Republican nominee’s social media platform Truth Social, have seen a recent surge as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump’s presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

National average polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania and Michigan, which are likely to decide the fate of the election.

Trump Media went public on the Nasdaq in late March after merging with special purpose acquisition company Digital World Acquisition Corp. But the stock has been on a bumpy ride since, with shares oscillating between highs and lows as the moves have typically been tied to a volatile news cycle.

Over the past six months, the stock has been off around 8% — a massive improvement on the heels of the rally after shares hit their lowest point last month.

Trump maintains a roughly 60% interest in DJT. At current levels of above $33 a share, Trump Media boasts a market cap of about $6.7 billion, giving the former president a stake worth around $4 billion. Right after the company’s public debut, Trump’s stake was worth just over $4.5 billion.

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