President Donald Trump rang the opening bells for the New York Stock Exchange and the Nasdaq on Monday from the Oval Office, a symbolic move highlighting his administration's focus on the stock market's performance. This event also served to promote the launch of Trump Accounts, designed to encourage children's investment in stock indexes as part of a Republican-backed tax and spending proposal.
Treasury Secretary Scott Bessent has stated that the Trump Accounts initiative aims to increase direct stock ownership among Americans, noting that 38% of U.S. adults currently do not own stocks. The goal, Bessent said in December, is to eventually reduce that percentage to zero.
Trump has increasingly tied his presidency to market gains, particularly as the November midterm elections approach. "It’s all going well — the stock market is setting records virtually every day," Trump told reporters last week. However, a June survey by The Associated Press-NORC Center for Public Affairs Research indicated that only 33% of U.S. adults approve of Trump’s economic leadership.
While the S&P 500 stock index saw significant gains in recent years, including returns of 25% in 2024 and 26.3% in 2023 during President Joe Biden's tenure, the index has risen approximately 10% so far this year. Despite these market trends, Trump's approval ratings have been affected by rising prices, a dynamic that also impacted President Biden. Trump had campaigned on a promise to lower costs, but tariffs and the onset of conflict in Iran have contributed to new inflationary pressures. The consumer price index has increased by 4.2% over the past 12 months, up from 3% when Trump began his second term in January 2025.