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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Congratulations to DINA POWELL MCCORMICK, WHO HAS JUST BEEN NAMED THE NEW PRESIDENT OF META. A great choice by Mark Z!!! She is a fantastic, and very talented, person, who served the Trump Administration with strength and distinction! President DJT”
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 public endorsement of Meta’s new president, Dina Powell McCormick, could spark short-term bullish sentiment for Meta Platforms (META) as some traders interpret the appointment and praise as a positive for leadership stability and political connectivity. This optimism may modestly spill over to correlated tech and communications names and ETFs—such as Alphabet (GOOGL), QQQ, XLK, VGT, XLC, SNAP, and XLC’s peer XLC-like funds—via sector momentum and algorithmic trading that reacts to news around mega-cap leaders like Meta. However, any market impact is likely to be short-lived and sentiment-driven rather than based on fundamental changes to business outlook or earnings for the broader technology and communication services sector.
Here are some of the stocks that might be affected:
Meta Platforms, Inc. ((META)),
Alphabet Inc. Class A ((GOOGL)),
Invesco QQQ Trust ((QQQ)),
Technology Select Sector SPDR Fund ((XLK)),
Vanguard Information Technology ETF ((VGT)),
Vanguard Communication Services ETF ((VOX)),
Snap Inc ((SNAP)),
Communication Services Select Sector SPDR Fund ((XLC)).