Shares of Smith & Wesson slid 25 percent in the aftermath of the election; they're currently hovering at a loss of 17 percent since the election. Another weapons manufacturer, Sturm, Ruger & Co., saw its stock drop almost 17 percent after the election before rebounding up to about 12 percent less than its pre-election value.
But NBC reports more minorities may be purchasing firearms.
NBC reports gun store owners said they've seen more minority customers than normal since Nov. 8. The outlet attributes this increase to a growing fear of racially motivated violence and hate crimes.
One gun shop owner told NBC, "You feel that racists now feel like they can attack us just because the president is doing it."
That's anecdotal evidence, but reports of racial tension are on the rise. The Southern Poverty Law Center has received more than 700 reports of harassment in the days since Trump's victory.
Trump's presidency is still likely to have a big effect on U.S. gun sales. Fear of impending regulation under the Obama administration helped boost the gun industry by an estimated $9 billion.
Trump, by contrast, has vowed to roll back some existing gun control measures. That's better for gun rights activists but could make consumers less interested in buying guns.