Former President Donald Trump has hinted at announcing a run for president again in the 2024 election. New reports said Trump could formally announce his plan on Nov. 14 to run as the Republican nominee for president in the 2024 election.
Here’s a look at stocks to watch if Trump does announce his plans for the election.
What Happened: Trump won the 2016 presidential election over Hillary Clinton and served as the leader of the U.S. for four years. Trump lost a re-election bid in the 2020 presidential election to former Vice President Joe Biden.
Trump is now considering running for president, which could set up a rematch with Biden if the two former presidents win their respective party nominations.
“In order to make our country successful, and safe and glorious, I will very, very, very probably do it again,” Trump said recently.
Stocks to Watch Now: The biggest stock to watch if Trump announces his nomination is Digital World Acquisition Corporation DWAC. The SPAC has a pending merger with Trump Media & Technology Group, the social media and media company owned by Trump.
Shares of Digital World Acquisition jumped Monday on news of Trump’s rumored bid. The deal still faces several setbacks and investigations and has another vote planned on Nov. 22 to extend the merger voting period to September 2023. Without voter approval, getting the SPAC deal done in time could face significant struggles and could mean the SPAC is no longer linked to Trump.
Video platform Rumble Inc RUM is another social media-related stock to watch on the potential Trump announcement. With a ban by Alphabet Inc GOOGGOOGL-owned YouTube, Trump has often posted videos on Rumble including some of his campaign videos in the past.
Black Rifle Coffee Company BRCC is a veteran-founded coffee company with a subscription plan and physical stores. The company went public via SPAC merger and has often been linked to the conservative party. The company received positive mentions from several prominent Republican voices, including the former president’s son Donald Trump Jr., who also appeared on the company’s podcast.
“Great coffee, great guys and great Americans,” Donald Trump Jr. previously said about the company.
Enterprise software company Phunware Inc PHUN has been flagged as a Trump-sensitive stock by Benzinga Pro, meaning it often moves in reaction to major news on the former president. Phunware previously worked with Trump to design the official app for his 2020 presidential campaign. Phunware has not had a confirmed connection with Trump since then but could work with Trump in the future.
Media company Fox Corp FOXFOXA has been linked to being a conservative media outlet. The company hosted Trump for interviews and phone calls on its Fox News channel several times and could land some big interviews with Trump after a possible formal announcement for the candidacy is announced.
Launched in 2017, the Point Bridge America First ETF MAGA isn’t a full-on Donald Trump stock or ETF but its ticker of MAGA alone could see it have a positive reaction to Trump’s announcement. The MAGA ticker is in line with Trump’s acronym for “Make America Great Again,” which was a slogan and rallying cry for Trump in the 2016 and 2020 presidential elections.
The ETF tracks companies in the S&P 500 that make donations to the Republican Party.
Related Link: Trump SPAC Merger Has Provisions For Presidential Run, Prison Time
Stocks to Watch Later: If Trump does announce his intent on running for president, it will set up a long two-year battle with other potential Republican candidates such as the current Florida Governor, Ron DeSantis, who is facing reelection tomorrow. Trump would also face a battle with a Democratic candidate if he wins the Republican nomination.
The following list includes stocks that won’t move as much on news of Trump running for president but could be movers if Trump gets the Republican nomination and gets closer to possibly being elected the president again.
The automaker sector could be one impacted by the 2024 election with Trump not a big of a supporter of electric vehicles and federal credits as Biden and the Democratic Congress. Traditional automaker companies such as General Motors Company GM and Ford Motor Company F could benefit from Trump winning the next presidency because it would allow them more time to transition to electric vehicles. Likewise, Tesla Inc TSLA could be hurt by a president that doesn’t fully support electric vehicles. Trump and Tesla CEO Elon Musk have butt heads previously.
Defense stocks are often seen as beneficiaries under Republican-led presidents and Congress. Trump getting the nomination for president could lead to stocks such as Boeing Inc BA, Lockheed Martin Corp LMT and Northrop Grumman Corp NOC seeing a boost in their share price. Trump was known for being a supporter of a strong U.S. military and world presence during his first presidential term.
Known for high volatility around times of political unrest or protest in the U.S., Digital Ally Inc DGLY, which provides body cams and video systems for law enforcement, and Axon Enterprise Inc AXON, which develops technology and weapons products, could be volatile as the next presidential election gets underway. There is a strong possibility of protests no matter who gets elected into office.
Read Next: Trump Vs. DeSantis: Glimpse Of Potential 2024 GOP Primary Match-Up Seen In Florida On Sunday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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