In the wake of the US midterm elections, where Democrats are projected to take control of both the Senate and House, markets reacted with mixed movements. Trump Media & Technology Group (DJT) shares dropped as much as 7.2% in premarket trading, making it the top trending ticker on Stocktwits. Meanwhile, the broader equities market saw gains, with the SPDR S&P 500 ETF (SPY) up 1.04%, the SPDR Dow Jones Industrial Average ETF (DIA) rising 1.37%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) climbing 1.09%.
On the crypto side, TRUMP Coin (TRUMP) fell 7.6% in the last 24 hours, dipping below $1.50. Despite this, the broader cryptocurrency market trended higher, with Bitcoin (BTC) gaining over 2% to cross $78,000. Ethereum (ETH) and XRP rose nearly 3%, while Solana (SOL) and Dogecoin (DOGE) each gained around 1%.
Shay Baloor, chief market strategist at Futurum Equities, noted that the Democratic gains appeared to have been priced into markets. Elon Musk also commented on the political shift, writing, 'Data centers in space looking pretty appealing right now.' Retail sentiment around DJT turned 'extremely bearish' on Stocktwits, while TRUMP token sentiment remained 'bullish' with high chatter levels.