TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Caitlin Collin’s of Fake News CNN, always Stupid and Nasty, asked me why the new Ballroom was costing more money than originally thought one year ago. I said because it is going to be double the size, and the quality of finishes and interiors has been brought to the highest level. Also, the column SPAN has been substantially increased for purposes of viewing. It is actually under budget and ahead of schedule, as my jobs always are. It’s just much bigger and more beautiful than originally planned. Interestingly, and seldom reported, there are no taxpayer dollars involved. It is being fully paid for by private donations. FAKE NEWS CNN, and the guy who runs the whole corrupt operation that owns it, is one of the worst in the business. Their ratings are so low that they’re not even counted or relevant anymore. MAGA!!!”
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 criticism of CNN and its parent company Warner Bros. Discovery could potentially lead to a negative impact on their stock prices due to perceived reputational damage. Conversely, his emphasis on private funding and project success might positively influence investor sentiment towards media companies like News Corporation and The New York Times Company, which are often compared to CNN. Additionally, the broader communication services sector, including ETFs like Vanguard Communication Services ETF and Communication Services Select Sector SPDR Fund, could experience volatility as investors reassess their positions based on media industry dynamics.
Here are some of the stocks that might be affected:
The New York Times Company ((NYT)),
News Corporation Class A ((NWSA)),
Vanguard Communication Services ETF ((VOX)),
Communication Services Select Sector SPDR Fund ((XLC)),
Warner Bros. Discovery, Inc. Series A ((WBD)).