Shares of Rumble Inc. (RUM) surged as much as 9.07% in pre-market trading on October 28, 2024, amid a broader rally in stocks linked to former President Donald Trump. The move came as betting odds favoring Trump to win the 2024 presidential election rose to 66% on the Polymarket prediction platform, their highest level since President Joe Biden withdrew from the race in July.
Other Trump-linked stocks also saw significant gains in pre-market trading. Phunware (PHUN), a company with close ties to Trump's technology ventures, gained over 15%, while Trump Media & Technology (DJT) rose 8.86%. The surge in these stocks appears to be driven by growing speculation around Trump's increasing chances of returning to the White House in 2024, based on movements in betting markets.
Companies often referred to as "Trump-linked" stocks include those with close associations with the former president, such as his media and technology ventures, as well as firms whose fortunes are seen as closely tied to Trump's political future. While Trump's rising election odds seem to be the primary driver of the pre-market rally, analysts suggest that other factors, such as the continued strength of the Trump brand and potential policy implications of a Trump presidency, may also be contributing to investor interest in these stocks.
