The Democratic National Committee’s July 2026 decision to schedule South Carolina as the first 2028 presidential primary on January 22 elevated a state with a large Black electorate, a structural factor that has shaped early trader positioning. Kamala Harris, who has publicly stated she is considering another bid and maintains strong ties to that voting bloc, leads at 13 percent implied probability, while other frequently mentioned names such as Jon Ossoff, Raphael Warnock, and Michelle Obama sit in single digits. The wide dispersion across dozens of options below 15 percent reflects the absence of formal declarations, the long timeline until voting, and uncertainty over which candidates will ultimately enter. Potential catalysts include candidate visits to the state, midterm results, and any formal announcements that could consolidate support ahead of the opening contest.