Stock Market Update: Tariff Tantrum

The stock market tariff tantrum over the past few weeks has seen both the Nasdaq 100 and S&P 500 give up all their gains since Donald Trump’s early November election victory, while bitcoin (BTC) remains in positive territory.

Both equity gauges are now more than 2% lower, while bitcoin is up over 20% in the same time frame.

Market leader Nvidia (NVDA), whose chips are in high demand for AI applications, has decreased by more than 20% since Trump’s triumph. In contrast, Meta Platforms (META) stands out among the so-called magnificent seven technology companies, having gained about 10%.

Although bitcoin buyer Strategy (MSTR) is down over 50% from its all-time high in November, it remains up 20% since the election.

Despite bitcoin bulls feeling disappointed by recent price performance—the world’s largest cryptocurrency has dropped about 20% from $109,000 the day before Trump’s inauguration on January 20—the current price of $88,000 is still approximately 20% higher than its level just prior to the November election.