DJT stock and TRUMP coin were among the top trending tickers on Stocktwits in early morning trade.
- Futurum Equities chief market strategist Shay Baloor said the Democratic gains appeared to have been priced into markets.
- DJT stock dropped even as the wider equities market gained in pre-market trade.
- The broader crypto market was also in the green as TRUMP Coin slumped in the last 24 hours.
Trump Media & Technology Group (DJT) shares and TRUMP Coin (TRUMP) fell in premarket trading on Wednesday even as the broader market trended higher after midterm election results showed that Democrats are slated to take control of both chambers of Congress, with some races still outstanding.
DJT stock dropped as much as 7.2% in pre-market trade and was the top trending ticker on Stocktwits at the time of writing. On the crypto side, TRUMP token’s price fell 7.6% in the last 24 hours, dropping below $1.50.
The Associated Press called the Senate for Democrats late on Tuesday and the House early on Wednesday. The result ends unified Republican control of Washington for the final two years of President Donald Trump’s term.
Trump Media, which runs the Truth Social platform, and the TRUMP memecoin are often traded as bets on the president’s political fortunes.
Stocks Rally Despite Democratic Gains
U.S. equities rallied in pre-market trade on Wednesday. The SPDR S&P 500 ETF (SPY) was 1.04%, the SPDR Dow Jones Industrial Average ETF (DIA) gained 1.37%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 1.09% higher at the time of writing. Retail sentiment around SPY on Stocktwits continued to trend in ‘bearish’ territory over the past day.
“Looks like the blue tsunami was already priced in,” Shay Baloor, the chief market strategist at Futurum Equities, said in a post on X.
Elon Musk also weighed in on the political shift, writing, “Data centers in space looking pretty appealing right now.”
The broader cryptocurrency market also moved higher, with Bitcoin (BTC) gaining more than 2% over the past 24 hours and crossing $78,000.
Ethereum (ETH) and XRP rose nearly 3%, outperforming Bitcoin, while Solana (SOL) and Dogecoin (DOGE) gained around 1%.
Retail Traders Turn More Bearish On DJT
On Stocktwits, retail sentiment around DJT fell to ‘extremely bearish’ from ‘bearish’ territory over the past day, accompanied by chatter at ‘high’ levels.
Retail sentiment around the TRUMP token remained in the ‘bullish’ zone, with chatter also at ‘high’ levels.
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