Trump-linked stocks sink after Democrats' midterm sweep
HUT•Trump Media & Technology Group shares fell 7.3% and Hut 8 shares fell 3.4% premarket after Democrats won control of Congress in Tuesday's midterm elections.
1. Shares fall premarket
Shares of Trump-linked companies fell premarket after Democrats' sweeping victory in the US midterm elections. Trump Media & Technology Group was down 7.3%, while Hut 8 fell 3.4%.
2. Year-to-date performance
As of the last close, Trump Media was down more than 55% year to date, while the Truth Social America First ETF was up more than 11%. Hut 8 was up more than 38% year to date.
3. Election context
Democrats seized control of Congress, with the sweep exceeding most forecasts and extending into staunchly Republican constituencies. The article links the result to voter discontent over Trump's economic policies and Iran war, which it says has sent gasoline prices soaring. Hut 8 joined hands with Eric Trump last year to launch bitcoin mining company American Bitcoin.
