Is the Trump Slump over?
Tariffs would destroy supply chains and drive up inflation. Elon Musk’s savage cuts would bring the government machine grinding to a halt. And chaotic policy making would drive investors out of the United States. As the Dow, the S&P 500 and the Nasdaq all fell sharply over the last month, there were plenty of factors driving the “Trump Slump,” as it became known on Wall Street. But hold on. Sure, equities have corrected. But right now it looks as if the rout is already over, and the markets have steadied again. Last week, US stocks finished in positive territory for the first time in a month, chalking up modest gains over five trading days. On Monday, they carried on climbing, with the Dow up by more than 500 points, and the Nasdaq by more than 300.