Markets
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Luke Kawa

More money changed hands trading Truth Social today than the most active small-cap ETF

Trump Media & Technology Group, the parent company of Truth Social, just had an absolutely monster day.

More than 105 million shares of DJT changed hands, breaking the 100 million threshold for the first time amid a surge of 21.6% and exceeding the stock’s prior record set on October 15. Thanks to the huge rally, the money-incinerating social-media firm now has a bigger market cap than 16 companies in the S&P 500.

About $4.8 billion worth of DJT stock changed hands today, more than the comparable figure for the iShares Russell 2000 ETF, the most active fund that tracks a small-cap index. That’s the first time DJT, which has a market cap of less than $10 billion after today’s rapid ascent, traded more dollar volume than IWM, which has more than $68 billion in assets.

The milestone is a combination of below-average activity in IWM (and most major index ETFs), and outsized activity in DJT. Before today, the daily value of IWM shares traded typically topped DJT by $5.75 billion.

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Luke Kawa
8/17/26
Credit markets have a “debt” problem, not a “risk” problem

We’re getting a lot of borrowing, and that borrowing is risk-reducing (for now!)

New York City Architecture And Monuments
Luke Kawa
7/13/26
Meet the newly public, Bezos-backed company that’s recreating the sun and stars

General Fusion CEO Greg Twinney spoke with Sherwood News from the Nasdaq during the stock’s first day of trading.

Web Summit Vancouver 2026 - Day Three
markets
J. Edward Moreno

SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

Luke Kawa
7/2/26
US job growth falls far short of estimates in June; unemployment rate unexpectedly dips to 4.2%

Job growth was 57,000. Analysts foresaw job growth of 113,000; prediction markets were more optimistic, looking for job growth above 125,000 but below 150,000.

Floridians Seek Employment Opportunities At Job Fair In Sunrise
Luke Kawa
7/1/26
Meta surges on report it’s starting a cloud business to sell excess AI compute

The story of the hyperscalers in 2026 has largely been “the beatings will continue until the cash flow outlook improves;” this could help change the story for Meta. Or not.

Meta CEO Mark Zuckerberg visits U.S. Capitol for Senate meetings

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