The New York Stock Exchange remained steady in the face of chaos as US stock futures barely budged following an assassination attempt on former President Donald Trump. Despite the shocking incident, Trump survived and the markets showed resilience.
Dow futures rose 65 points, or 0.2%, while S&P 500 futures rose 0.1% and Nasdaq Composite futures remained unchanged. The calm reaction from the markets indicated a sense of stability amidst the turmoil.
The assassination attempt took place during a rally in Butler, Pennsylvania, where Trump was shot in the ear. The FBI confirmed it was an assassination attempt, but the Trump campaign reassured the public that he was “fine” after the incident. The shooter was killed, along with one attendee, and two spectators were critically injured.
President Joe Biden condemned the violence and spoke with Trump after the shooting. The Republican National Convention is set to begin in Milwaukee, where Trump is expected to be officially nominated as the Republican candidate for the 2024 presidential election. He is also anticipated to announce his running mate during the convention.
Despite the uncertainty surrounding the incident, the market’s outlook on the presidential race remains unchanged, with Trump still seen as the frontrunner. A potential Trump win in November could mean the preservation or expansion of tax cuts and increased tariffs, which could impact inflation and interest rates.
As the week progresses, investors will be keeping a close eye on earnings reports from major companies like Goldman Sachs and BlackRock. The markets are bracing for any potential impact from the ongoing political developments and economic indicators.
