Gun manufacturer stocks saw a sharp rise on Monday following the attempted assassination of former President Donald Trump.

Smith & Wesson saw an 11% increase and Sturm, Ruger & Co. rose by 7%.

Officials have identified that a rifle was used in the shooting at the Trump rally in Pennsylvania, but they have not disclosed the manufacturer yet.

Steve Sosnick, chief strategist at Interactive Brokers financial group, explained that these stock fluctuations are typically immediate responses by traders to unfolding events and may not indicate increased sales activity.

“The question is: Does their stock rally persist, or does it fade?” Sosnick said. “We don’t know the lasting effect and won’t really know until they make some sort of public comment or report their quarterly earnings.”

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Since December 2022, Smith & Wesson’s share price has nearly doubled, while Ruger’s shares have declined by 10% during the same period.

“It’s hard to escape [financial] fundamentals over the longer term,” Sosnick said. “So if there’s a perception that the weekend’s events could spur firearms sales, that’ll be borne out over time. We’ll know the answer when these companies report next.”