After the first debate between former U.S. President Trump and his opponent, Democratic presidential candidate Hillary Clinton, on Tuesday, September 10th, supporters on both sides engaged in heated discussions about the outcome. The debate not only sparked debates on the winners and losers but also triggered market movements.
On Wednesday, September 11th, Trump Media & Technology Group Corp. (TMTG) saw a significant drop in its stock price, plummeting by 17% in pre-market trading on the Nasdaq, and closing the day down by 10.47%.
TMTG is the parent company of Trump’s social media platform, Truth Social, with Trump being its largest shareholder, owning approximately 57% of the company’s stock. Based on Wednesday’s closing price, this portion of shares is valued at around $1.9 billion.
It is currently unclear whether Trump plans to start selling shares after the ban on September 19th.
According to Chris Weston, research director and chief analyst at the forex broker Pepperstone, quoted by the U.S. financial media MarketWatch, “Following the dust settling from the debate between Trump and Clinton, it is evident that the market perceives Clinton as the winner.”
Weston added that pop star Taylor Swift’s support for Clinton also gave the Democratic candidate a boost.
Election Betting Odds, an aggregate site for betting odds, showed that Clinton led Trump with a 51.3% to 47.3% advantage by 5:00 PM EST, with Clinton’s support increasing by 3.9% from Tuesday, while Trump’s decrease by 3.3%.
The long-suffering U.S. solar energy stocks rebounded on Wednesday, with residential solar provider SunRun Inc. rising by 11.45%, becoming one of the leading gainers on the Nasdaq.
This volatile industry has lost a quarter of its value so far this year due to concerns about declining demand, regulatory changes in key states, and rising inventory issues.
During Tuesday’s debate, the former president mentioned his liking for solar energy but expressed dislike for the amount of land solar projects occupy.
Analysts at Mizuho Bank mentioned in their report on Wednesday that this stance could be a positive for residential solar energy. However, they cautioned that without specific details, it remains unclear how Trump’s views on solar energy will translate into policies.
Furthermore, several solar energy companies also experienced stock rebounds on Wednesday, including First Solar Inc. rising by 15.19%, SolarEdge Technologies Inc. by 8.46%, and Canadian Solar Inc. by 11.8%.