Stock market today: Stocks rise as Trump bets rally after failed assassination attempt

Treasury yields moved higher on Monday as investors bet on higher inflation under a potential reelection of Donald Trump in November.

• US stocks surged to record highs as markets mulled the impact of the attempted assassination of Donald Trump over the weekend. 
• Investors anticipate the attempt will boost Trump's chances in the November Presidential election.
• Trump Media shares soared 50%, bitcoin rose 4%, and long-dated bond yields rose.

US stocks moved higher on Monday to test record highs after former President Donald Trump survived an assassination attempt over the weekend.

Investors are betting that the tragic attempt on Trump's life will help hand him to the Presidency once again in November.

That sentiment is showing up in several trades on Monday.

Shares of Trump Media & Technology Group soared about 50%, while bitcoin jumped 4%, Tesla jumped 4%, and private prison firm GEO Group increased about 7%.

Meanwhile, long-term bond yields rose on the prospects of higher inflation and expanding fiscal policy under a potential second Trump Presidency, with the 30-year US Treasury yield rising above the 2-year US Treasury yield for the first time since January.

Investors could see "higher inflation expectations, higher breakeven rates, higher yields and steeper yield curve because of expectations of greater deficit spending in the United States" under the Trump trade, according to senior market analyst Kyle Rodda of Capital.com.

A higher US dollar could also be in store under a potential Trump Presidency in November, though the dollar was about flat in early Monday trades.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

• S&P 500: 5,640.14, up 0.44%
• Dow Jones Industrial Average: 40,260.38, up 0.65% (+260.08 points)
• Nasdaq composite: 18,501.81, up 0.56%

Here's what else is going on today:

• These four charts explain why Fundstrat's Tom Lee expects a triple in the stock market by 2030.
• Here are Wall Street's updated predictions for where the stock market goes between now and the end of the year.
• The soaring power demand for AI technologies is pushing America's power grid to its limit.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil was flat at $82.22 a barrel. Brent crude, the international benchmark, was unchanged at $85.03 a barrel.
• Gold dropped 0.15% to $2,417.00 per ounce.
• The 10-year Treasury yield increased three basis points to 4.22%.
• Bitcoin increased 3.32% to $62,839.