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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Highly Respected and very popular Nassau County Executive, Bruce Blakeman, is running to be the next Governor of New York. Bruce is MAGA all the way, and has been with me from the very beginning. As Nassau County Executive, he is working tirelessly with the Brave Heroes of ICE, Border Patrol, and Law Enforcement to Keep Our Border SECURE, Stop Migrant Crime, Safeguard our Community, and Ensure LAW AND ORDER. As your next Governor, Bruce will continue to fight hard to Grow the Economy, Cut Taxes, and Regulations, Promote MADE IN THE U.S.A., Champion American Energy DOMINANCE, Strengthen our Military/Veterans, Advance Election Integrity, and Protect our always under siege Second Amendment! Bruce Blakeman is a FANTASTIC guy, will win the big November Election and, without hesitation, has my Complete and Total Endorsement for Governor of the ONCE GREAT STATE OF NEW YORK (IT CAN BE GREAT AGAIN!). BRUCE BLAKEMAN WILL NEVER LET YOU DOWN!”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Trump’s strong endorsement of Bruce Blakeman, with explicit emphasis on “American Energy DOMINANCE” and pro-fossil-fuel policies, could be interpreted by investors as marginally positive for traditional energy producers like Chevron (CVX) and Exxon Mobil (XOM), especially if they see a higher probability of Republican gains influencing regulatory or permitting frameworks. The same pro-energy, anti-regulation messaging may also provide a small sentiment boost to broader sector ETFs such as the Energy Select Sector SPDR Fund (XLE), which is heavily weighted toward large integrated oil and gas firms, and to a lesser extent the Industrial Select Sector SPDR Fund (XLI), if investors anticipate increased domestic infrastructure and manufacturing activity. However, the direct market impact is likely to be limited and short-lived, as this is a state-level race and broader macro factors (oil prices, interest rates, global demand) remain the primary drivers for these tickers.
Here are some of the stocks that might be affected:
Chevron ((CVX)),
Exxon Mobil Corp. ((XOM)),
Industrial Select Sector SPDR Fund ((XLI)),
Energy Select Sector SPDR Fund ((XLE)).