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<ul class="summary-list"><li>Donald Trump's media firm rose as much as 22% after the presidential hopeful hosted an event at MSG.</li><li>Trump Media is now up roughly 280% from its September low.</li></ul>Donald Trump's high-profile event at the Madison Square Garden was followed by a surge in his media stock.Shares of <a target="_blank" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media &amp; Technology Group</a> — the parent company of Truth Social — soared as much as 22%on Monday, after the former president brought his campaign to Manhattan the day before. Trump's social media firm is now up roughly 280% from a low reached on Sept. 23. It's now trading at its highest level since June.Other Trump-affiliated meme stocks — or equities popular with the retail-investor crowd that don't necessarily trade on fundamentals — also got a boost on Monday. <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/rum-stock">Rumble</a>, a conservative video network, rose 12% at intraday highs. Meanwhile, Phunware, a software firm that worked on Trump's 2020 campaign, rose as much as 15%.Sunday's rally at the Madison Square Garden drew a large crowd and featured several key speakers, including Elon Musk. The event kicked off the final stretch of Trump's campaign before November's election day.Though some speakers drew condemnation for making inflammatory remarks, it had no bearing on Truth Social's share activity. In recent weeks, Trump Media has surged on <a target="_blank" class="" href="https://kalshi.com/elections">rising sentiment</a> that the Republican candidate could retake the White House.Ever since the firm went public in March, investors have treated it as a proxy for Trump's election chances, putting aside the firm's paltry fundamentals.In this context, the company's five-week rally overturns a downturn that had persisted <a target="_blank" class="" href="https://www.businessinsider.com/trump-media-truth-social-stock-down-lockup-polls-2024-8">since the summer</a>. Despite its difficulty in turning a meaningful profit, Trump Media now carries a market cap of more than $9 billion.

Trump Media extends rally to 280% as MSG event spurs meme-stock activity

<ul><li><keyword id="12368348" type="UNKNOWN" weightage="60" keywordseo="phunware-stock" source="Orion">Phunware stock</keyword> extended its two-day gain to as much as 2,189% on Friday amid the Digital World SPAC hype.</li><li>The software firm developed an app to help power the 2020 Trump/Pence re-election campaign.</li><li>Traders are speculating that <keyword id="12368347" type="UNKNOWN" weightage="60" keywordseo="phunware" source="Orion">Phunware</keyword> might play a role in the development of Donald Trump's Truth Social.</li></ul><a href="https://markets.businessinsider.com/stocks/phun-stock">Phunware</a>, a small-cap software developer based in Austin, Texas, extended its two-day gain to as much as 2,189% on Friday as it rode the ongoing hype surrounding former President Trump's <a href="https://markets.businessinsider.com/news/stocks/digital-world-acquisition-stock-price-merger-spac-donald-trump-tech-2021-10?utm_source=markets&amp;utm_medium=ingestgest">foray into the SPAC world.</a><a href="https://markets.businessinsider.com/stocks/dwac-stock">Digital World Acquisition</a> is a SPAC that announced late Wednesday plans to merge with former President Donald Trump's recently formed Trump Media and Technology Group. DWAC stock soared more than 300% on Thursday as investors <a href="https://markets.businessinsider.com/news/stocks/donald-trump-truth-social-spac-digital-world-warrants-soar-2021-10">piled into the hype</a> of a new social media app from Trump, and <a href="https://markets.businessinsider.com/news/stocks/dwac-stock-price-spac-donald-trump-tmtg-social-media-startup-2021-10">was up more than 100% in Friday trades.</a>Phunware stock is rising in sympathy of that move, as investors point out that the <a href="https://www.businesswire.com/news/home/20200527005302/en/Phunware-Announces-Strategic-Relationship-with-American-Made-Media-Consultants-for-the-Trump-Pence-2020-Reelection-Campaign%E2%80%99s-Mobile-Application-Portfolio">software developer was tapped by the 2020 Trump/Pence re-election campaign</a> to build its app."Some are saying $phun and $dwac are connected," Chief Strategist of T3TradingGroup <a href="https://twitter.com/RedDogT3/status/1451274307255013376">Scott Redler said.</a>There is no confirmation that Phunware will work with Trump Media and Technology Group to help develop the Truth Social media app. There was no immediate response to a request for comment.Earlier this week, Phunware <a href="https://finance.yahoo.com/news/phunware-closes-acquisition-high-performance-123000499.html">said it closed an $11 million acquisition</a> of Lyte Technology, which <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> high-performance computers for gaming, streaming, and cryptocurrency mining. Phunware, which was worth just $79 million on Wednesday, is now valued at more than $1.3 billion amid Friday's surge. The stock was halted for volatility on Friday and eventually pared its gains to 625%. When asked to comment on the stock price move, Phunware told Insider via e-mail, "There are no official updates at this time. When there are further updates to share, we will be sure to do so via the appropriate Reg FD channels."<div type="image" title="Phunware stock price" height="498" width="644" msid="87211385" hostid="261"></div>

Phunware extends 2-day gain to 2,189% as Trump campaign app developer rides Digital World hype

<ul><li>US stocks were mixed on Friday as investors grappled with concerns of rising inflation and tech's advertising weakness.</li><li>The <keyword id="11898248" type="UNKNOWN" weightage="60" keywordseo="sp-500" source="Orion">S&amp;P 500</keyword> ended a 7-day win streak on Friday, while the Dow Jones closed at a record high.</li><li>"The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation," Powell said.</li></ul>US stocks were mostly lower on Friday, with the Nasdaq leading the decline following a <a href="https://markets.businessinsider.com/news/stocks/snap-stock-price-q3-apple-privacy-changes-advertising-facebook-pandemic-2021-10">dismal third-quarter earnings report from Snap.</a>Recent changes to Apple's iPhone privacy settings made it harder for Snap to deliver ads to targeted users, and that weakness dragged down shares of other advertising-reliant tech companies like Facebook and Alphabet.Fed Chairman Jerome Powell said at a virtual conference on Friday that supply chain constraints have gotten worse, which could lead to an extended period of rising inflation."The risks are clearly now to longer and more-persistent bottlenecks, and thus to higher inflation," <a href="https://www.businessinsider.com/reviews/out?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Ffed-chairman-jerome-powell-says-supply-side-constraints-are-creating-more-inflation-risk-11634917630">Powell said.</a>While the S&amp;P 500 ended a seven-day win streak, the Dow Jones managed to close at a record high, in part driven by a jump in financial stocks.Here's where US indexes stood at the 4:00 p.m. ET close on Friday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest">S&amp;P 500</a>: 4,544.99, down 0.11% </li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Dow Jones Industrial Average</a>: 35,677.08, up 0.21% (74.00 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">Nasdaq Composite</a>: 15,090.20, down 0.82% </li></ul>Digital World Acquisition, the SPAC that plans to merge with Donald Trump's recently formed media company, extended its two-day rally and <a href="https://markets.businessinsider.com/news/stocks/dwac-stock-price-spac-donald-trump-tmtg-social-media-startup-2021-10">surged an additional 200% on Friday</a>. The stock was up more than 300% on Thursday amid the deal hype.Saba Capital, a hedge fund that owned more than 2 million shares of Digital World, <a href="https://markets.businessinsider.com/news/stocks/digital-world-trump-spac-saba-capital-missed-gains-boaz-weinstein-2021-10">sold its stake in the company on Thursday</a> and said its values are not aligned with Trump Media's planned social media platform. Riding the coattails of Digital World was Phunware, a software firm that helped build an app used by Trump's 2020 re-election campaign. The stock <a href="https://markets.businessinsider.com/news/stocks/phunware-stock-price-trump-campaign-app-developer-digital-world-hype-2021-10">soared more than 2,000% over the past two days</a> as traders speculate of a possible connection to Trump's new media firm. <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-elon-musk-net-worth-250-billion-2021-10">Tesla soared to record highs on Friday,</a> eclipsing a more than $900 billion valuation for the first time ever. The surge in shares of Tesla helped catapult Elon Musk's net worth to about $250 billion. The demand for cryptocurrencies among investors continued this week, with <a href="https://markets.businessinsider.com/news/currencies/robinhood-crypto-wallet-waitlist-1-millon-customers-vlad-tenev-investing-2021-10">Robinhood saying it has more than one million people on its waitlist</a> to gain access to crypto wallets. Meanwhile, another bitcoin futures ETF, this time from Valkyrie, <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-valkyrie-futures-crypto-nasdaq-trading-proshares-vaneck-2021-10">is set to begin trading on Friday.</a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> oil rose 1.67%, to $83.88 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Brent crude</a>, oil's international benchmark, rallied 1.26%, to $85.68 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> jumped as much as 1.37%, to $1,806.30 per ounce.

S&P 500 ends 7-day win streak as stocks slip on Powell comments and tech weakness

<ul class="summary-list"><li>Tech company Creatd is selling an <keyword id="4668945" type="General" weightage="60" keywordseo="nft" source="Orion">NFT</keyword> of a young <keyword id="6354484" type="General" weightage="60" keywordseo="donald-trump" source="Orion">Donald Trump</keyword> signing a model's breast. </li><li>Creatd shares skyrocketed 68% Monday after announcing the launch. </li></ul>Shares of Creatd, a tech and digital content company, soared 68% Monday after announcing it would sell NFTs of former president Donald Trump. The NFT, or <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">non-fungible token</a>, features "three candid images of a young Donald Trump, captured as he signs the breast of a model, surrounded by a crowd at a large formal gala," according to a <a href="https://finance.yahoo.com/news/creatd-announces-second-nft-drop-080000539.html">Monday press release</a> from the company. The going price for the NFT is 240 ether, the release said. The photos come from Creatd's OG Collection, a library of thousands of photographs, illustrations, and videos from the archives of Bob Guccione, who once owned publications like Penthouse and Viva. The company launched its first series of NFTs last month. In a blog post, Creatd founder and CEO <a href="https://vocal.media/journal/og-gallery-drop-2-the-donald-trump-pictures">Jeremy Frommer said</a> the company is still in the research and development phase of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=article-editorial">digital assets</a>. He said Creatd is selling the Trump trio on OpenSea because it's the "ebay for NFTs." The company did not immediately respond to Insider's request for further comment. The surge in Creatd's share price is the latest in a string of other companies that have rallied <a href="https://markets.businessinsider.com/news/stocks/what-is-a-meme-stock-reddit-wallstreetbets-gamestop-amc-2021-6">like meme stocks</a> thanks to the former president. Last week, Trump announced his media and technology company would be going public through a SPAC called Digital World Acquisition Corp. Shares of the blank-check company soared to eye-watering heights as <keyword id="1141292" type="General" weightage="60" keywordseo="retail-traders" source="Orion">retail traders</keyword> poured into the stock. Phunware stock also surged as day traders noted the software developer<a href="https://www.businesswire.com/news/home/20200527005302/en/Phunware-Announces-Strategic-Relationship-with-American-Made-Media-Consultants-for-the-Trump-Pence-2020-Reelection-Campaign%E2%80%99s-Mobile-Application-Portfolio" target="_blank"> was tapped by the 2020 Trump-Pence re-election campaign</a> to build its app. The software company didn't say if it was involved in Trump's newly formed social media site Truth Social.

Creatd surges 68% after announcing a line of Trump NFTs, including an infamous picture of the former president signing a model

Welcome to <keyword id="12393050" type="UNKNOWN" weightage="60" keywordseo="10-things-before-the-opening-bell" source="Orion">10 Things Before the Opening Bell</keyword>.If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's get into it.Tesla continues to smash records. Tesla's stock skyrocketed double digits to new all-time highs after Hertz ordered 100,000 Model 3 vehicles. The EV innovator hit a <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-1-trillion-valuation-second-fastest-ever-tsla-2021-10">$1 trillion valuation</a> in the process, becoming the second-fastest company to do so.Once Hertz receives the vehicles in 2022, it will operate the largest EV rental fleet in the world. Meanwhile, the $4.2 billion the car-rental giant paid for the vehicles suggested Tesla <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-record-hertz-orders-100000-model-3-rental-2021-10">offered few, if any, discounts</a>.What else to know:<ul><li><a href="https://markets.businessinsider.com/stocks/tsla-stock">Shares of Tesla</a> closed 13% higher at $1,024.86 per share. The stock's intraday high was $1,045.02, or 15% above Friday's close.</li><li>The deal comes <a href="https://markets.businessinsider.com/news/commodities/supply-chains-chip-shortage-auto-semiconductor-sectors-ford-toyota-tsmc-2021-08?utm_source=markets&amp;utm_medium=ingestgest">as automakers broadly grapple with a chip shortage</a> stemming from international supply-chain woes.</li><li>Facebook, which was the first company to hit a $1 trillion valuation, reported <a href="https://www.cnbc.com/2021/10/25/facebook-fb-q3-earnings-report.html">mixed 3rd-quarter earnings</a> on Monday afternoon. The social-media platform missed revenue estimates, beat on EPS, and matched daily-average-user forecasts. </li></ul>2. Global shares are on the up. Optimism around earnings and a lift to the tech sector from Tesla's burst above $1,000 are behind the move. <a href="https://markets.businessinsider.com/news/stocks/stock-markets-today-futures-tesla-trillion-dollars-q3-commodities-spotlight-2021-10">Take a look at what's going on today.</a>3. Jefferies shared its stock picks for investors looking to profit from one of the hottest trades of the last bull market. Momentum investing worked before, and one strategist thinks it's set for a comeback. <a href="https://www.businessinsider.com/20-stock-picks-to-buy-proven-bull-market-strategy-jefferies-2021-10">See his list of 20 stocks set to surge. </a>4. Earnings on deck: Alphabet, Microsoft, and Twitter, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a>5. Federal judges may not be trading as freely for much longer. Proposed legislation in Washington could put US judges under tighter stock-trading rules. <a href="https://markets.businessinsider.com/news/stocks/stock-trading-rules-lawmakers-federal-judges-bipartsan-bills-2021-10">The bill follows a WSJ report that showed judges violated stock-related laws while hearing court cases.</a>6. JPMorgan says the red-hot new bitcoin ETF could get too big for its own good. The firm notes that as the fund gains in popularity, the higher so-called carry costs go. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-futures-etf-too-big-contango-cryptocurrency-proshares-2021-10">Read the full rundown of how the fund's growth could warp the futures market.</a>7. Mastercard is getting in on the crypto wave. The payment giant will allow US merchants and banks to bring crypto products onto its network. <a href="https://markets.businessinsider.com/news/currencies/mastercard-crypto-merchants-cryptocurrency-bitcoin-network-payments-bakkt-stock-2021-10">More consumers, according to Mastercard, seek to use crypto assets for everyday purchases. </a>8. Donald Trump could soon be richer than ever after his SPAC merger. The former president is reportedly set to own 58% of a post-merger entity called Trump Media &amp; Technology Group. That means <a href="https://markets.businessinsider.com/news/stocks/donald-trump-spac-digital-world-acquisition-own-half-dwac-stock-2021-10">Trump and his partners will command a $4.8 billion stake</a>.9. Meme stock watch list: Remark and Phunware joined the club after massive surges, while Reddit darlings GameStop and AMC fell out of favor. <a href="https://www.businessinsider.com/top-meme-stocks-reddit-remark-mark-phunware-phun-tesla-tsla-2021-10">Here are the top 11 meme stocks this week.</a>10. A crypto strategist broke down why further bitcoin-futures ETFs will bring negative yields. Christopher Vecchio said the launch of the ProShares Bitcoin Strategy ETF (BITO) is more of a positive sign for crypto going mainstream than a good investment option. He says <a href="https://www.businessinsider.com/bitcoin-futures-etf-negative-yield-crypto-strategist-how-to-invest-2021-10">you could be better off buying bitcoin directly.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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Trump Media extends rally to 280% as MSG event spurs meme-stock activity

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Creatd surges 68% after announcing a line of Trump NFTs, including an infamous picture of the former president signing a model

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