Stocks Take a Swerve as Trump Announces 2024 Run
When former President Donald Trump kicked off his 2024 campaign on Tuesday, the market turned on its head the very next day.
The Ripple Effect
- Digital World Acquisition Corp (DWAC): Cooked a 4.8% dip early on, after an over‑10% lift in pre‑market build‑up. The SPAC’s plan to list “Truth Social” still sparks chatter on Stocktwits.
- Phunware Inc: Lost 10.6% after receiving the roster of Senators who once dipped into the app developed for Trump’s 2020 re‑campaign.
- Rumble Inc.: Slid 10.9% as the Canadian video platform with a conservative tilt made headlines for partnering with Truth Social on the newest ad venture.
- Remark Holdings: Dropped 2.6% after a flurry of rumors – though Reuters could not confirm any direct ties to the former president.
In hindsight, the market’s reaction echoed that of the spotlight on the Philippines’ mid‑term elections. Sec. Ipek Ozkardeskaya of Swissquote noted that a Trump win felt increasingly distant after his shop‑front candidates fell short.
“The odds for a Trump victory have narrowed after the latest midterms,” she said. “So expect a quick pullback from any so‑called surge.”
While DWAC’s shares had risen by about five percent the night before, Phunware and Remark enjoyed thirteen and five percent climbs, respectively. Now they’re back in the ’down’ lane.
Why This Matters
Investors are watching closely. If Trump’s political comeback shakes up the GOP landscape—and that could ripple across tech and media—those tied to his brands might feel the heat.
Bottom line: The market’s pulse is proving a fickle friend when politics walk in.
