Wall Street turns its back on Trump and Musk by dumping related assets, Roger Montgomery says
As the blame game erupts within Republican ranks over the midterms rout, what was an extraordinary day in Washington saw a remarkable rally on Wall Street. The best day in 20-months for the Dow Jones Industrial Average, while tech stocks rose on the Nasdaq. But Elon musk’s Tesla and SpaceX took a hit. The billionaire spending hundreds of millions of dollars unsuccessfully backing Republicans in the midterms.
Fund manager Roger Montgomery says the clean sweep by the Democrats simply means that there will be questions “about Starlink and the grants that they’ve got and the contracts that they’ve got with government, as well as SpaceX and Tesla even.”
The oil price slump also seemed to boost global stock markets but Roger Montgomery is not convinced the optimism will last. “Foreign policy in the United States has been antagonistic towards the Middle East. And the belief is that that won’t continue. But of course, the fact that we’ve got Donald Trump as a lame duck president, he will pronounce executive orders that will remain destabilising.”
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