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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“Congressman Andrew Garbarino is a Fierce Advocate for Long Island, and the Great People of New York’s 2nd Congressional District! Andrew has an incredible Record of Success, and strong support from his Community. In Congress, he is fighting tirelessly to Grow our Economy, Cut Taxes and Regulations, Help Secure our now VERY Secure (Record Setting!) Southern Border, Support our Incredible Military/Vets, Champion American Energy DOMINANCE by helping to keep the price of Gasoline, Oil, and all forms of Energy VERY LOW (CHEAP!), and Protect our always under siege Second Amendment, which has not been attacked, amended, or changed while I was President. Andrew Garbarino has my Complete and Total Endorsement for Re-Election – HE 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 Donald Trump’s endorsement of Congressman Andrew Garbarino, who champions American energy dominance and low energy prices, could positively influence energy stocks like Chevron and Exxon Mobil Corp., as well as energy-focused ETFs such as the Energy Select Sector SPDR Fund and Vanguard Energy ETF. The emphasis on supporting the military and veterans might also boost investor confidence in the iShares U.S. Aerospace & Defense ETF. Overall, the statement could lead to increased investor optimism in sectors related to energy and defense.
Here are some of the stocks that might be affected:
Chevron ((CVX)),
Exxon Mobil Corp. ((XOM)),
Energy Select Sector SPDR Fund ((XLE)),
Vanguard Energy ETF ((VDE)),
iShares U.S. Aerospace & Defense ETF ((ITA)).