TACO Trade Joke No More? Trump's Art Of The Deal' Powers S&P 500's Steepest Highs And Lows

Benzinga19:31

President Donald Trump‘s policy decisions and commentary drove the five best and worst days of the U.S. stock market during his second term, according to an analysis by Tom Lee‘s asset management firm...

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Trump's Art Of The Deal' Powers S&P 500's Steepest Highs And Lows\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-24 19:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/equities/26/04/52025461/taco-trade-joke-no-more-trumps-art-of-the-deal-powers-sp-500s-steepest-highs-and-lows><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>President Donald Trump‘s policy decisions and commentary drove the five best and worst days of the U.S. stock market during his second term, according to an analysis by Tom Lee‘s asset management firm...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/26/04/52025461/taco-trade-joke-no-more-trumps-art-of-the-deal-powers-sp-500s-steepest-highs-and-lows\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NOBL","symbol_name":"ProShares S&P 500 Aristocrats ETF","start_time":0,"source_url":"https://www.benzinga.com/markets/equities/26/04/52025461/taco-trade-joke-no-more-trumps-art-of-the-deal-powers-sp-500s-steepest-highs-and-lows","article_id":"2629289845","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/04/24/Toronto--Canada---June-3-2025-President-.jpeg?optimize=medium&dpr=2&auto=webp&width=260"],"rights":{"source":"benzinga_hot_news","url":"https://www.benzinga.com/markets/equities/26/04/52025461/taco-trade-joke-no-more-trumps-art-of-the-deal-powers-sp-500s-steepest-highs-and-lows","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2629289845","pubTimestamp":1777030260,"columns":[],"sourceInfo":{"source_id":"benzinga_hot_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Trump's policy moves drive S&P 500's biggest gains and losses, making him a key market volatility driver in his second term so far.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NOBL":"ProShares S&P 500 Aristocrats ETF","IJH":"标普中型股400指数ETF-iShares","OEX":"标普100","SPYM":"投资组合标普500指数ETF-SPDR","UPRO":"三倍做多标普500ETF-ProShares","SPXU":"三倍做空标普500ETF-ProShares","GPIX":"GOLDMAN SACHS S&P 500 CORE PREMIUM INCOME ETF","SPUU":"Direxion Daily S&P 500 Bull 2x Shares","DBSC":"Deepwater Beachfront Small Cap ETF","SPYI":"NEOS S&P 500 High Income ETF","SH":"做空标普500-Proshares","XDTE":"Roundhill S&P 500 0DTE Covered Call Strategy ETF","SPLV":"Invesco S&P 500 Low Volatility ETF","VBK":"美国小盘成长股ETF-Vanguard","TSPY":"TappAlpha SPY Growth & Daily Income ETF","XLG":"Invesco S&P 500 Top 50 ETF","SPXS":"三倍做空标普500ETF-Direxion","OEF":"标普100指数ETF-iShares","SPUS":"SP Funds S&P 500 Sharia Industry Exclusions ETF","SSO":"2倍做多标普500ETF-ProShares","SPYG":"SPDR Portfolio S&P 500 Growth ETF","VEU":"Vanguard FTSE All-World ex-US ETF","XYLD":"Global X S&P 500 Covered Call ETF","SCHX":"Schwab US Large-Cap ETF","BK4559":"巴菲特持仓","BK4504":"桥水持仓","SFY":"SoFi Select 500 ETF","IJR":"标普小型股600指数ETF-iShares","IVV":"标普500ETF-iShares","VTI":"大盘指数ETF-Vanguard MSCI","SPYD":"SPDR Portfolio S&P 500 High Dividend ETF","BK4209":"餐馆","SPXL":"三倍做多标普500ETF-Direxion","BK4588":"碎股","BK4550":"红杉资本持仓","SPDN":"Direxion Daily S&P 500 Bear 1X Shares",".SPX":"S&P 500 Index","SDS":"两倍做空标普500 ETF-ProShares","RSP":"平均加权指数ETF-Rydex S&P","YSPY":"GraniteShares YieldBOOST SPY ETF","SPHD":"标普500高股利投资组合ETF-PowerShares","SPYV":"SPDR Portfolio S&P 500 Value ETF","GSLC":"Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF","BMAY":"Innovator U.S. Equity Buffer ETF - 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This unpredictability has made his policy agenda and commentary the primary drivers of the market’s performance, as per the report released on Thursday.\nTrump’s influence is a departure from the norm, where the S&P 500’s performance is typically driven by macroeconomic factors like corporate earnings, geopolitical events, and monetary policy. While U.S. government policy can be a factor, it’s unusual for it to be the sole driver.\nThe President’s impact has been so pronounced that without the five strongest market days tied to his decisions, the S&P 500 would be down 2.7% since he took office in 2025, rather than up 19%, the report stated. \nSource: Fundstrat Direct\nThis is a stark contrast to other presidencies, where the stock market remained in the green even when the five best days were removed, except during former President George W. Bush's 2001 and 2005 terms, when it remained negative regardless, according to Fundstrat. With about 2.5 years still left in Trump's term, markets still have time to change direction.\nThe five biggest up days in Trump's second term (by magnitude) are:\n(1) A 9.5% surge on April 9, 2025, after Trump paused tariffs.(2) A 3.3% rally on May 12, 2025, following a 90-day tariff truce between the U.S. and China.(3) A 2.9% gain on March 31, 2026, after Trump signaled willingness to end the Iran war.(4) A 2.5% rise on April 22, 2025, after he said he wouldn't fire Jerome Powell and expressed hope for a China deal.(5) A 2.5% increase on April 8, 2026, following a U.S.–Iran ceasefire.\nThe five steepest market declines during Trump's second presidency (ranked by magnitude) are:\n(1) A 6.0% drop on April 4, 2025, following China's retaliatory tariffs on the U.S.(2) A 4.8% fall on April 3, 2025, after Trump's \"Liberation Day\" announcement(3) A 3.5% decline on April 10, 2025, after tariffs on China were raised to 145%(4) A 2.7% slide on Oct. 10, 2025, after renewed threats of higher China tariffs(5) A 2.7% drop on March 10, 2025, following broader tariff threats\nSen. Adam Schiff (D-Calif.) and other Democrats had said that Trump may have used privileged information to sway markets. Lawmakers led by Rep. Maxine Waters had also asked the U.S. Securities and Exchange Commission (SEC), in April 2025, to investigate.\nOver the past year, the \"TACO trade\", an acronym for “Trump always chickens out,” has shifted from a tongue-in-cheek term coined by a Financial Times columnist into a significant force shaping market behavior. \nThe \"TACO\" concept isn't new, though. During Trump's first term, investors followed the \"Trump put,\" expecting him to step in to calm markets during periods of sharp volatility.\nKim Caughey Forrest, founder and chief investment officer at Bokeh Capital Partners, told MarketWatch earlier this month that \"TACO trade\" suggests bearish investors often overestimate downside risks.\nUnder Trump's rapidly shifting policy landscape, investors may need to abandon old playbooks as market rules change, as Fundstrat Head of Research Tom Lee previously stated, “Don't fight the White House.”\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.\nImage via Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2629289845","isCrawlerRequest":true}