- Trump Media stock sinks 2% late Friday morning.
- Donald Trump appears to have won the debate with President Biden on Thursday.
- Trump carries a slight lead in the polls but DJT sank regardless.
- Biden had several verbal stumbles during the debate.
After opening nearly 9% higher just under $40, Trump Media & Technology Group (DJT) stock is sinking some 2% in the late morning session. The meme stock that represents former President Donald Trump’s social media company TRUTH Social is always volatile, but many traders thought Trump’s perceived win in the debate would help the share price hold onto gains.
The broad market is optimistic after the US released Personal Consumption Expenditures (PCE) data on Friday showing that inflation continues to trickle lower, in line with consensus. This has caused the market to expect trimmed interest rates before the year is out from the Federal Reserve (Fed). The NASDAQ Composite, S&P 500 and Dow Jones have all gained between 0.2% and 0.6% in Friday’s morning session.
Trump Media stock news
The general opinion following Donald Trump and President Joe Biden’s debate on CNN late Thursday was that Trump won the debate due to Biden’s verbal fumbles.
NBC writes “Biden stumbled repeatedly, sounding hoarse, leaving many of his allies panicked about his odds in November.” NBC showed that foreign policy was the primary topic of the debate, and Trump spoke longer on the subject than Biden. Both candidates spoke for an equal amount of time on the topic of democracy, the second major focus, while Biden dominated the third biggest topic of the economy.
Slate.com, a platform that usually sympathizes with Democrats, even led with a piece on how the Democrats could replace Biden on the ticket before the November 5 election. Most pundits, however, think that option is unlikely, and Trump said to expect Biden to remain the candidate in November.
However, most of the media said Trump showed himself to be misinformed and lied on a number of issues. Polls have been neck and neck in June, so the candidates could use any advantage at this point. The FiveThirtyEight poll of polls has Trump leading on June 28 at 41.1%, Biden close at 40.9%, and Robert F. Kennedy, Jr. at 9%.