The so-called “Trump plays” were actively sought out by traders following the former president’s decisive win.
Donald Trump’s win in the 2024 presidential election catalyzed strong upward moves in a host of asset classes and stocks that are widely perceived by the market as “Trump plays.”
All three major averages closed the week ended Nov. 8 in record territory, with the S&P 500, Dow Jones Industrial Average and Nasdaq Composite recording weekly gains of 4.66%, 4.61% and 5.74%, respectively.
Here’s a compilation of 10 stock symbols that were most-viewed on the Stocktwits platform:
Bitcoin ($BTC.X)
Bitcoin has been on a tear amid the election held on Nov. 5. It took a leg up this weekend amid an across-the-board crypto strength, thanks to hopes that the incoming administration would be pro-crypto. On Sunday, Bitcoin topped the $80,000 level for the first time ever and as of 4:25 am ET, it was up 2.67% at $81,479.73.
Trump Media & Technology Group Corp. ($DJT)
Shares of Trump-owned media company TMTG, which is the parent of the Truth Social platform, have been on a tear ever since the start of October. The stock came under selling pressure in September as initial public offering lock-up restrictions eased. Since October, the stock has nearly doubled.
Tesla, Inc. ($TSLA)
Elon Musk-led Tesla has also been a beneficiary of the election. The billionaire’s proximity to Trump and hopes that the incoming administration will be favorable to his multiple business ventures have boosted his electric-vehicle company’s stock. The company reclaimed the $1 trillion market capitalization last Friday amid the Trump-inspired rally.
Nvidia Corp. ($NVDA)
Artificial intelligence stalwart Nvidia was also actively sought by retailers in the run-up to its quarterly results. The Jensen Huang-led company is scheduled to report its third-quarter results after the market closes on Nov. 20. The expectations that the new administration will lower the corporate tax rate, be less restrictive on big techs and increase investments in AI in particular have fueled mega-cap techs, especially the ones with AI exposure.
Nvidia ended Friday’s session at a record high of $321.22.
SPDR S&P 500 ETF Trust ($SPY)
The SPY, which tracks the performance of the broader S&P 500 Index, has generated interest as the latter broke above the 6,000 barrier for the first time ever on Friday. Although the index eased from the intraday high, it closed at a record.
Super Micro Devices, Inc. ($SMCI)
Palantir Technologies, Inc. ($PLTR)
Data analytics company Palantir reported a beat-and-raise quarter after the market closed last Monday. The stock has gained more than 39% over the past week.
SoFi Technologies, Inc. ($SOFI)
SoFi shares received a shot in the arm Friday after peer Upstart Holdings, Inc. ($UPST) reported encouraging results. SoFi shares jumped over 9% on Friday, with the upside also attributable to the Trump bump many are expecting for the company.
Dogecoin ($DOGE.X)
Dogecoin has been among the biggest gainers among the meme tokens amid the recent crypto rally. Apart from the pro-crypto policy traders are factoring in, DOGE also drew strength from Musk’s reference to the acronym DOGE, which stands for Department of Government Efficiency.
At last check, the meme coin was up 20.85% at $0.279.
Phunware, Inc. ($PHUN)
Shares of Phunware, a mobile advertising company, is considered Trump-linked, given the it has developed a mobile app for the Trump-Mike Pence campaign in 2020. After a strong rally in the run-up to the election, the stock cooled off last week amid the release of its quarterly results.
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