Phunware nasdaq Phun Shares Rally on Reports of Trump's Growing 2024 Influence

Phunware (NASDAQ: PHUN) Shares Rally on Reports of Trump’s Growing 2024 Influence

Phunware (NASDAQ: PHUN) stock soared over 7% on Thursday amid reports suggesting Donald Trump is gaining traction as a potential frontrunner in the 2024 election against Joe Biden.

New reports reveal a decline in President Joe Biden’s approval ratings over the past month. According to a recent Reuters/Ipsos poll released on Wednesday, only 38% of Americans now approve of Biden’s performance as president, down from 40% in December.

This marks a significant dip in Biden’s approval, which has remained below 50% for about two and a half years. Surprisingly, former President Donald Trump has emerged as the frontrunner for the 2024 election, leading by six percentage points in a hypothetical rematch of the 2020 election.

Stocks associated with Trump have seen an upward trend in recent weeks, indicating growing confidence in his potential return to the White House. As reported by AP News, Trump has made history by winning both primary races in Iowa and New Hampshire, a feat unmatched by any Republican candidate since 1976.

In the latest Morning Consult poll, Trump holds a commanding lead in the Republican primary race with an impressive 81% support. The closest competitor, former South Carolina Gov. Nikki Haley, lags with 18% support.

Phunware (NASDAQ: PHUN) Stock Performance

PHUN stock surged 7.78% on Thursday. The traders had exchanged hands with 96,370,538 (96.37 million) shares compared to the average daily trading volume of 96.79 million.