Hours into his second day of contentious testimony in Congress, Kash Patel, the FBI director, sparked one of the more unusual stock rallies of the year.
Patel, who’s faced withering criticism from lawmakers in both the Senate and lower house, was pressed at one point on why he had purchased individual stocks while in office. Patel explained that he’s long liked to trade stocks and said that in this case he simply saw “good investment” opportunities in Krispy Kreme Inc. and ON Semiconductor Corp.
Within minutes, Krispy Kreme stock was up 12% and ON Semiconductor 4.1%. The stocks closed the day up roughly 1% and 0.5%, respectively, amid a broader market selloff following the Federal Reserve’s interest-rate cut.
That the director of the FBI can move stocks, with seemingly the most anodyne of comments, illustrates the sway on markets that crowds of amateur traders now have. They’ve bid up meme stocks and obscure crypto currencies and SPACs and, more recently, shares associated with President Donald Trump and his inner circle. Patel, who’s been a loyal Trump supporter for years, was appointed to run the FBI shortly after last year’s election.
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