After experiencing a Monday blues, the stock market was back in action on Tuesday, with former President Donald Trump’s newly merged company gaining 50% on its first day of trading.
All three major indexes climbed, breaking Monday’s sluggish start to the week. The S&P 500 rose about 0.27%, while the Dow Jones Industrial Average jumped 0.27% to 39,417. The tech-heavy Nasdaq ticked up 0.32%.
Among AI stocks, Seagate Technology jumped more than 9%, while Micron rose 2.2%. After weeks of losses, Tesla was among the top performers, with a 5.6% gain.
Trump’s social media company takes off
Shares of Trump’s newly merged social media company, Trump Media & Technology Group Corp., jumped as much as 50% on their first day of trading. The stock was trading at $71.62 around midday, under the ticker name DJT.
Trump’s stake in the now publicly traded stock could mean a multi-billion dollar windfall for the former president as he tries to return to the White House.
The weight loss drug market is booming
Viking Therapeutics stock jumped more than 25% after the company announced positive trial results from its experimental weight loss pill. The news comes as pharma firms such as Novo Nordisk and Amgen are racing to develop weight loss drugs.
Investors were cheered by the news that Viking Therapeutics will enter the next stage of its development later this year.
Buy Krispy Kreme donuts at McDonald’s
Krispy Kreme announced that it will sell doughnuts at McDonald’s restaurants across the country. The news boosted the stock price by about 30%. McDonald’s stock, on the other hand, was largely flat.
WeWork’s former CEO wants back in
The stock of global flexible workspace provider WeWork jumped 80% on Tuesday morning following the news that its former CEO, Adam Neumann, submitted an unsolicited acquisition bid of over $500 million.Â