🚀 Market reaction to Debate

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Trump Media's stock plunged over 13%, reflecting a broader market reaction to Donald Trump's widely criticized debate performance against Vice President Kamala Harris. The company’s stock is heavily influenced by Trump's political fortunes, and Wednesday’s drop suggests discontent among supporters. Trump's stock surged before the debate, but optimism faded after his underwhelming performance. The broader market was also down, with the DOW dropping 500 points to open trading on Wednesday. Interestingly, despite Kamala Harris receiving the endorsement of billionaires like Mark Cuban, 88 business executives (mostly from Fortune 500 companies) and many other business leaders, financial markets have consistently reacted negatively to the prospect of a Kamala Harris presidency. In early September, as polls showed Kamala Harris pulling ahead in Pennsylvania, markets experienced the largest decline in nearly three years. They recovered in the leadup to the debate but fell again after her strong performance. A similar trend was observed in 2016 and 2020, but with proposals such as taxing unrealized gains, the prospect of a Kamala Harris presidency seems to have investors extremely concerned.

2. Inflation in August hit its lowest point since February 2021, with the CPI increasing 0.2% month-on-month and 2.5% annually. However, core inflation, excluding food and energy, rose 0.3%, keeping pressure on the Federal Reserve to act cautiously. The report increased market expectations for a 25-basis-point rate cut rather than a more aggressive move. While inflation has slowed, shelter costs remain elevated, contributing 70% of the core increase, and food and energy prices showed mixed results, further complicating the Fed's decision-making process.

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4. Headlines

   1. Amazon is opening new fresh supermarkets after pausing its growth for over a year.

   2. Mortgage rates are at their lowest since February 2023.

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