- NASDAQ:DWAC fell by 6.97% during Thursday’s session.
- Former President Trump could be using Truth Social as a way to launch another presidential campaign.
- Meme stocks pull back on Thursday after a hot start to November.
NASDAQ:DWAC extended its recent downward trajectory on Thursday as the SPAC stock continues to fall back down to Earth. Shares of DWAC fell by a further 6.97% on Thursday, and closed the trading day at $58.84. The stock has now fallen over 16% this week, despite the three major US indices hitting new all-time highs during nearly every session. On Thursday, the NASDAQ and S&P 500 continued higher, while the Dow Jones finally took a day off and fell slightly by 0.09%. The markets have shown strength after the Federal Reserve announced that the long awaited bond tapering policy would kick in later this month.
There is rising sentiment that former President Trump is preparing for another run as the Republican Presidential candidate in 2024. His upcoming social media company that is merging with DWAC, Truth Social, could be a way of promoting his campaign since he is still banned from Facebook, Twitter, and YouTube. Odds at online sportsbooks, which are usually a sharp way of gauging the market, have current President Biden and Trump as neck and neck for the most likely President following the 2024 election.
DWAC stock forecast
DWAC fell alongside its meme stock brethren on Thursday, as the sector pulled back after a hot start to the month of November. Shares of legacy meme stocks AMC (NYSE:AMC) and GameStop (NYSE:GME) fell by 1.91% and 0.27% respectively. Other meme stocks that closed Thursday in the red include ContextLogic (NASDAQ:WISH), Vinco Ventures (NASDAQ:BBIG), Phunware, Inc (NASDAQ:PHUN), and Camber Energy (NYSEAMERICAN:CEI).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.