Trump-Linked Stocks Digital World, Phunware Are Rising Wednesday: What's Going On?

Digital World Acquisition Corp DWAC and Phunware Inc PHUN shares are trading higher Wednesday. New reports suggest President Joe Biden’s approval ratings fell on a month-over-month basis.

What Happened: According to a Reuters report citing a Reuters/Ipsos poll released Wednesday, 38% of Americans approve of Biden’s performance as president. The results were down from 40% approval in December.

The report indicates that Biden’s approval rating has been below 50% for roughly two and a half years and former President Donald Trump has emerged as the favorite to win the 2024 election with a six percentage-point lead in a hypothetical rematch of the 2020 election.

Trump-related stocks have been moving higher in recent weeks as a return to the White House for the former President looks increasingly likely. According to AP News, Trump has become the first Republican presidential candidate to win both primary races in Iowa and New Hampshire since both states began kicking off the election primaries in 1976.

The latest Morning Consult poll showed that Trump currently holds a commanding lead in the Republican primary race with approximately 81% of support. Former South Carolina Gov. Nikki Haley is the closest candidate to Trump with 18% of support.

Digital World is set to merge with Trump Media & Technology Group, which owns alternative social platform Truth Social. Phunware has ties to Trump dating back to 2020 when the company announced that it was working on the development, launch and ongoing management of the Trump-Pence 2020 Reelection Campaign's mobile application portfolio.

Check This Out: Benzinga’s ‘Stock Whisper’ Index: 5 Stocks Investors Secretly Monitor But Don’t Talk About Yet (Donald Trump Has Re-Entered The Chat)

DWAC, PHUN Price Action: At publication time, Digital World shares were up 6.14% at $40.12 and Phunware shares were up 12.9% at $0.3276, according to Benzinga Pro.

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