, Columnist
Trump Is Now Bad for the Stock Market
U.S. equity valuations are lower than they were before the election.
Trump bump? Not exactly.
Photographer: Zach Gibson/BloombergThis article is for subscribers only.
The Trump bump is turning into a significant Trump discount.
That’s been more than evident of late. The S&P 500 Index fell for the first three days of the week, culminating in a 3 percent plunge Wednesday as worries over China’s economy and President Donald Trump’s trade-war maneuvers morphed into a general sense of gloom about the global economic outlook. On Thursday stocks rebounded, but the rockiness has added to a growing sense that the market’s foundation is less than stable, and that Trump’s trade steps are what is testing the cracks.