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Friday, June 21, 2024

Markets Unfazed as Trump Convicted on Felony Charges

Markets Unfazed by Trump Conviction

Despite former President Donald Trump being convicted on 34 felony counts of falsifying business records today in New York, major U.S. stock and commodity markets have shown little reaction so far.

S&P 500 futures decreased slightly in trading following the jury’s guilty verdict which was first reported ~2-3 hours ago. The U.S. dollar index (DXY), which tracks the greenback against a basket of other currencies, is also flat. Commodity prices like oil, gold and agricultural goods are holding steady after fluctuating little in the past hour.

S&P Futures 1-Minute Chart

Cryptocurrencies like Bitcoin and Ethereum which are often seen as risk assets have also been stable.

The lack of significant market moves suggests that Wall Street is viewing Trump’s legal issues as a political matter rather than an economic concern at this point. Traders likely took cues from solid recent data showing U.S. consumers and the job market remaining resilient despite high inflation and interest rates.

Of course, the markets could react more strongly once regular trading begins and if Trump’s plans to appeal prolong the uncertainty around his political future. But for now, investors seem content to look past the former president’s felony conviction and focus on other factors like monetary policy and earnings.

Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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