With a Donald Trump victory looking more likely than not, investors have been speculating on assets which may benefit from his second term as US president.
The chances of Mr Trump regaining his old job have surged to 68%, according to politics wagering website PredictIt.
Shares of Trump Media & Technology Group (which is majority-owned by Trump himself) surged 30% overnight, raising its market value to $US7.6 billion.
That’s despite the fact it reported a $327.6 million loss in the March quarter, and earned $US771,000 in revenue.
Trump Media is the parent company of his social media platform Truth Social, and its share price has soared 133% since the year began.
Shares of electric vehicle maker Tesla jumped 5.2% after its billionaire CEO Elon Musk publicly endorsed Trump following the shooting.
There’s also been a lot of enthusiasm for cryptocurrency after Mr Trump was announced as the headline speaker for the Bitcoin 2024 conference, later this month.
The price of bitcoin surged 10.4% to a two-week high of $US63,527, while shares of crypto exchange Coinbase (+11.4%) and bitcoin miners Riot Platforms (+17.1%) and Marathon Digital (+18.3%) also jumped.
Gun makers and ammunition stocks Smith & Wesson, Sturm Ruger & Company, and Ammo jumped between 7% and 15%.
Shares of private prison operators Geo Group and CoreCivic jumped about 8%. Trump has promised to crack down on illegal immigration, which may boost demand for detention centres.
However, clean energy stocks fell as Trump has previously said he would overturn many of the Biden administration’s climate policies if he wins the November election.
The Invesco Solar ETF fell 5.6%, while the iShares Global Clean Energy ETF dropped 3.7%.
Investors are also concerned about Trump imposing more tariffs on imported goods from China, intensifying the trade war between Beijing and Washington. This led to a fall in the iShares MSCI China ETF (-2%).