Newsmax Stock Plummeted Today -- Is Now the Time to Buy?
Newsmax (NYSE: NMAX) stock got hit with another round of big sell-offs in Thursday's trading. The company's share price closed out the day's trading down 10.5% amid the backdrop of a 0.6% decline for the S&P 500 and a 0.9% decline for the Nasdaq Composite.Sell-offs picked up as the day progressed as investors reacted to tariff and trade issues and other potential macroeconomic risk factors. While there weren't any immediate business factors pushing Newsmax stock lower, the stock may have faced some significant pressure due to news surrounding Tesla and CEO Elon Musk.As a network that primarily features right-leaning political content, Newsmax has sometimes been included in the basket of "Trump trade" stocks -- a group of stocks that some investors are betting will see positive catalysts in conjunction with the President's second term. After previously being a high-profile supporter of President Trump, Musk has recently ramped up criticism of Trump and the budget bill he supports. The Trump-Musk schism helped spur a 14.3% sell-off for Tesla stock today, and the pullback effect extended to other "Trump trade" stocks.Continue reading
Newsmax (NYSE: NMAX) stock got hit with another round of big sell-offs in Thursday's trading. The company's share price closed out the day's trading down 10.5% amid the backdrop of a 0.6% decline for the S&P 500 and a 0.9% decline for the Nasdaq Composite.
Sell-offs picked up as the day progressed as investors reacted to tariff and trade issues and other potential macroeconomic risk factors. While there weren't any immediate business factors pushing Newsmax stock lower, the stock may have faced some significant pressure due to news surrounding Tesla and CEO Elon Musk.
As a network that primarily features right-leaning political content, Newsmax has sometimes been included in the basket of "Trump trade" stocks -- a group of stocks that some investors are betting will see positive catalysts in conjunction with the President's second term. After previously being a high-profile supporter of President Trump, Musk has recently ramped up criticism of Trump and the budget bill he supports. The Trump-Musk schism helped spur a 14.3% sell-off for Tesla stock today, and the pullback effect extended to other "Trump trade" stocks.
