On Friday, while President Joe Biden remained in the Oval Office, it seemed like investors had already shifted their focus, as evidenced by the stock market’s optimistic performance.
When asked about the strong performance of stocks on the last trading day of Biden’s presidency, Doug Fincher, a portfolio manager at Ionic Capital, candidly told MarketWatch: “It’s Trump.”
Donald Trump, who is scheduled to be inaugurated for a new term in the White House on Monday, reportedly had a conversation with Chinese leader Xi Jinping. As a result, Chinese stocks saw significant gains. There’s speculation that Trump might issue an executive order concerning Bitcoin, which has also sent Bitcoin and related stocks surging, according to Fincher.
However, Trump wasn’t the sole influence on the market’s movements this week. Earlier, a lower-than-anticipated core CPI report eased investor concerns over the future trajectory of interest rates in 2025.
With the inauguration approaching, traders are increasingly focusing on their expectations for Trump’s upcoming term.
