'Trump trade' loses steam

Geo

12/11/2024 14:12

** Shares of companies expected to gain from Donald Trump's
return to the White House down in premarket trading
    ** Trump Media  DJT.O , Tesla  TSLA.O , crypto-related
companies and U.S. prison operators fall
    ** "It's a case of momentum working in both ways. It was
momentum that powered these (stocks) higher and now the bulls
have started to take some profit off the table" - Michael Brown,
senior research strategist, Pepperstone
    ** DJT, which operates the Truth Social app, drops 4.9% 
after gaining in the last session on Trump's comment that he had
no intention of selling his shares in the company 
    ** Shares of EV-maker Tesla, another prominent "Trump
trade", dip 2.5% 
    ** TSLA touched $1 tln in market value on Friday on bets the
automaker would benefit from CEO Elon Musk's backing of Trump
    ** Bitcoin, the world's best-known cryptocurrency  BTC= ,
slips 2.6% after nearing $90,000 on Tuesday, boosted by
potential support from the Trump administration 
    ** Crypto-focused companies fall; crypto exchange Coinbase
Global  COIN.O  down 4.3%, while software firm and bitcoin buyer
MicroStrategy  MSTR.O  falls 2.4%
    ** Crypto miners Riot Platforms  RIOT.O  down 6.2%, while
MARA Holdings  MARA.O  falls 5.2%
    ** Prison operators CoreCivic  CXW.N  and Geo Group  GEO.N 
down 3.5% and 2.9%, respectively

 (Reporting by Ragini Mathur)
 ((Ragini.Mathur@thomsonreuters.com;))