Is the Trump Bull Market Coming to an End? The Evidence is Piling Up, and the Message is Strikingly Clear.

Since President Donald Trump's inauguration, the S&P 500 bull market has been roaring higher, with the index advancing 21% and reaching multiple new record highs. It hasn't been a completely steady path, though: Concerns about U.S. import tariffs and turmoil in Iran, as well as worries about economic growth, have weighed on sentiment and stock performance periodically.

Overall, however, the Trump bull market has prevailed as investors piled into growth stocks, particularly those involved in artificial intelligence (AI). Names such as AI chip designer Nvidia , cloud services provider Alphabet , and memory and storage giant Micron Technology have soared in the double and triple digits. These are the companies that are already monetizing AI, and investors have aimed to get in on these success stories early.

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Meanwhile, against this bright backdrop, investors haven't been completely sanguine. With the bull market well into its third year, they've questioned its longevity -- particularly during moments when headwinds have interrupted the momentum. Is the Trump bull market coming to an end? The evidence is piling up, and the message is strikingly clear...

So, first, a closer look at some of the main points that have driven market direction since Trump took office. As mentioned, investors continued to rush into AI stocks as well as other high-growth players such as quantum computing stocks. They were optimistic about growth and the possibility of interest rate cuts to further boost it.

But various factors have rocked that boat over the past year or so. Last spring, the president's announcement of import tariffs sparked concern that these duties would weigh on the earnings of U.S. companies and the wallets of consumers. Negotiations with various countries to lower tariff levels tempered the concerns, but certain companies are still dealing with pressures from these added costs.

Last year, the president clashed with Jerome Powell, then chair of the Federal Reserve, regarding interest rates: Trump wanted them lowered to support growth, while Powell took a wait-and-see approach. And this uncertainty regarding rates also weighed on sentiment.

Finally, this year, turmoil in Iran, resulting in supply chain disruptions and higher energy prices, also put the brakes on positive momentum.