"Trump" collapsed
On September 11, before the U.S. stock market opened, the share price of Trump Media Technology Group plummeted, once falling by more than 18%. Earlier today, former U.S. President and Republican presidential candidate Trump and U.S. Vice President and Democratic presidential candidate Harris participated in a televised debate hosted by the American Broadcasting Corporation (ABC) in Philadelphia.
Some observers said that Harris' performance was better than expected, and if investors believe that this will increase her chances of entering the White House, it may continue to affect the prices of some assets in the coming days.
Eric Beyrich, portfolio manager of Sound Income Strategy, said: "Neither of them made a strong economic point of view, but overall, Harris performed better than Trump. The market really doesn't want sharp statements, they want clarity."
The latest report from the U.S. investment bank Brown Brothers Harriman (BBH) said that the weakening of the U.S. dollar, the decline in U.S. Treasury yields, and the decline in U.S. stock index futures indicate that the market may be unwinding the so-called "Trump deal" after the U.S. presidential election TV debate. During and after the debate, U.S. stock index futures and the U.S. dollar index fell across the board.
"The current financial market reaction is the opposite of the reaction after the presidential debate in June, when Trump 'beat' President Joe Biden by a clear margin," Elias Haddad, senior market strategist at BBH, wrote in a report. "Financial markets may be unwinding the 'Trump trade' after PredictIt predicted that Vice President Kamala Harris won the debate."
Market analyst Robert Howard said Harris had a fierce debate with Trump, and the dollar could fall further if investors believe that her chances of winning the November U.S. presidential election continue to rise.