Markets are absolutely booming under Trump. They’re about to face a huge test
CNN
Six months into President Donald Trump’s second term, a quick glance at the stock market might offer a reassuring picture: The S&P 500 just closed above 6,300 points for the first time ever and has notched eight record highs in the past month.
Six months into President Donald Trump’s second term, a quick glance at the stock market might offer a reassuring picture: The S&P 500 just closed above 6,300 points for the first time ever and has notched eight record highs in the past month. If you look at markets halfway into the year, it might be not be apparent that there has been unprecedented trade turmoil, conflict in the Middle East and relentless attacks on the Federal Reserve’s independence. The stock market and bitcoin have soared to record highs, while bonds have resumed a steady rally and volatility in oil prices has subsided. Global markets so far this year have been remarkably resilient. The calm mood on Wall Street is an extraordinary change from early April, when the S&P 500 hit its lowest level in over a year and was on the precipice of a bear market after Trump unveiled his initial “Liberation Day” tariffs. “Perhaps the move by US stocks off the early-April lows is emblematic of the age-old adage about bull markets often climbing a ‘wall of worry,’” Liz Ann Sonders and Kevin Gordon, investment strategists at Charles Schwab, said in a note. “There is no shortage of things to worry about; but that’s the wall markets often climb.” Markets are floating near record highs despite underlying tariff uncertainty. While investors have begun to shrug off a myriad of concerns, US stocks are trading at historically expensive valuations as Trump’s self-imposed August 1 tariff deadline approaches. As Trump presses forward with his trade war, markets’ momentum will face a tariff test.
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