A Manhattan grand jury has voted to indict former President Donald Trump on felony charges, launching the first criminal case against a former president. The precise charges are unknown and the felony indictment has been filed under seal, but Trump will now face surrender and arrest in the coming days. Trump's lawyers have confirmed he's been indicted, according to the Associated Press, referring to payments made during his 2016 campaign to silence claims of an extramarital sexual encounter.Quote: "This is political persecution and election interference at the highest level in history," Trump said in response to the indictment. "The American people realize exactly what the Radical Left Democrats are doing here. Everyone can see it. So our Movement, and our Party - united and strong - will first defeat Alvin Bragg, and then we will defeat Joe Biden, and we are going to throw every last one of these Crooked Democrats out of office so we can MAKE AMERICA GREAT AGAIN!"Digital World Acquisition (DWAC), the blank-check company taking Trump's social media company public, rose 11% AH on Thursday following the news (conservative video network Rumble (RUM) is also up in premarket trade). The case will likely provide a boost for Trump's media coverage, but is unlikely to have any legal bearing on his candidacy, even if he is convicted. The developments will also impact the messaging around the 2024 election season, which could cut different ways politically, and ultimately determine what administration will head to the White House and govern the U.S. economy.Outlook: It appears that the case is being built on the falsification of business records, which has been made into a felony - due to an intersection with campaign finance law - like the payoff of porn star Stormy Daniels to protect the 2016 election campaign. It would be a novel approach to combine state charges with federal crimes, though a tax angle could change the legal theory behind the case, or possibly another hush money payment made to Playboy model Karen McDougal. The Manhattan case is just one that Trump is facing: There's a federal probe of his actions around his 2020 presidential loss, and a Georgia investigation into his attempts to reverse the election result there. (583 comments)
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| | Top News  Getty Images A Manhattan grand jury has voted to indict former President Donald Trump on felony charges, launching the first criminal case against a former president. The precise charges are unknown and the felony indictment has been filed under seal, but Trump will now face surrender and arrest in the coming days. Trump's lawyers have confirmed he's been indicted, according to the Associated Press, referring to payments made during his 2016 campaign to silence claims of an extramarital sexual encounter.
Quote: "This is political persecution and election interference at the highest level in history," Trump said in response to the indictment. "The American people realize exactly what the Radical Left Democrats are doing here. Everyone can see it. So our Movement, and our Party - united and strong - will first defeat Alvin Bragg, and then we will defeat Joe Biden, and we are going to throw every last one of these Crooked Democrats out of office so we can MAKE AMERICA GREAT AGAIN!"
Digital World Acquisition (DWAC), the blank-check company taking Trump's social media company public, rose 11% AH on Thursday following the news (conservative video network Rumble (RUM) is also up in premarket trade). The case will likely provide a boost for Trump's media coverage, but is unlikely to have any legal bearing on his candidacy, even if he is convicted. The developments will also impact the messaging around the 2024 election season, which could cut different ways politically, and ultimately determine what administration will head to the White House and govern the U.S. economy.
Outlook: It appears that the case is being built on the falsification of business records, which has been made into a felony - due to an intersection with campaign finance law - like the payoff of porn star Stormy Daniels to protect the 2016 election campaign. It would be a novel approach to combine state charges with federal crimes, though a tax angle could change the legal theory behind the case, or possibly another hush money payment made to Playboy model Karen McDougal. The Manhattan case is just one that Trump is facing: There's a federal probe of his actions around his 2020 presidential loss, and a Georgia investigation into his attempts to reverse the election result there. (583 comments)
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In Europe, at midday, London +0.2%. Paris +0.4%. Frankfurt +0.3%.
Futures at 6:30, Dow +0.2%. S&P +0.2%. Nasdaq +0.1%. Crude -0.4% to $74.07. Gold -0.1% to $1955.20. Bitcoin -2.4% to $27,878.
Ten-year Treasury Yield unchanged at 3.57%
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