Why Digital World Acquisition and Phunware Shares Are Plummeting Today

Another day, another round of big pricing swings for Digital World Acquisition (NASDAQ: DWAC) and Phunware (NASDAQ: PHUN). The two Trump-affiliated stocks had posted big gains Thursday, but they saw outsized sell-offs amid a pullback for the broader market on Friday. Digital World Acquisition closed out the session down 9.2%, while Phunware was off 12.8%.

Growth-dependent and speculative stocks have seen turbulent trading lately, and the broader market was hit with big pullback today following worrying performance from some big consumer products and technology companies. There doesn't appear to be any business-specific news behind Digital World Acquisition and Phunware's share price slides, but the two companies were caught up in the broader pullback. 

Image source: Getty Images.

Continue reading

Source Fool.com