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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“It is very important that all Republicans adhere to my Recissions Bill and, in particular, DEFUND THE CORPORATION FOR PUBLIC BROADCASTING (PBS and NPR), which is worse than CNN & MSDNC put together. Any Republican that votes to allow this monstrosity to continue broadcasting will not have my support or Endorsement. Thank you for your attention to this matter!”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s call to defund the Corporation for Public Broadcasting could lead to increased volatility in media-related stocks, as investors may anticipate shifts in market dynamics and advertising revenues. News Corporation Class A might experience fluctuations due to potential changes in competitive positioning within the media landscape. Similarly, Vanguard Communication Services ETF and Communication Services Select Sector SPDR Fund could see impacts as they include media companies that might be affected by changes in public broadcasting funding and the broader media environment.
Here are some of the stocks that might be affected:
News Corporation Class A ((NWSA)),
Vanguard Communication Services ETF ((VOX)),
Communication Services Select Sector SPDR Fund ((XLC)).