Trump Fuels Meme-Like Rallies in Stocks Tied to 2024 Bid (1)

Donald Trump’s charge toward the Republican presidential nomination is fueling a speculative frenzy in a corner of the US equity market, setting off rallies in obscure stocks seen as tied to his candidacy.

The gains have echoes of the pandemic’s meme-stock mania, when legions of day traders piled into a handful of money-losing companies, seeking to pocket quick gains when their share prices surged.

PSQ Holdings Inc.,an online marketplace that says it caters to “freedom-loving Americans” and had just $3 million in revenue over the first nine months of last year, jumped 25% Monday before pausing the ...