The biggest market driver in the first weeks of the Trump administration will be just how efficiently it implements its plans, some strategists say.
The markets vacillated Friday around President Donald Trump’s inauguration. Major U.S. equity markets opened and closed in the green but endured choppy trading throughout the session, falling during the inauguration speech. Trump struck an isolationist tone, declaring “America first” and saying “protection will lead to great prosperity and strength.”
At approximately 20 minutes past noon, in the middle of Trump’s speech, an investor appeared to sell 55,000 S&P 500 E-mini futures contracts (about $6 billion). Stocks neared lows of the trading session. The price of gold edged higher, at one point piercing the $1,214 level. And it appeared the rally U.S. equities had seen since Election Day — the “Trump rally” — was on shaky ground.
Over the next few weeks, the markets’ performance will hinge on the Trump administration’s success in carrying out promises like tax cuts and the repeal of the Affordable Care Act, according to Gina Sanchez, CEO of Chantico Global.
via CNBC
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019