Market downturn’s message to White House: get to work
The composition of losses today underscores the urgency for the White House to follow through on policy promises.
The modest decline in the overall US equity averages today understates the degree of the turnaround from yesterday’s ebullient Trump trade. The worst-performing sector as of midday was construction machinery (Caterpillar and Cummins Engine), down 3.31%. Regional banks, one of yesterday’s best performers, were down 1.86%. Casino and gaming, yesterday’s top performer, gave back 2%. The composition of declines suggests that the Administration has its work cut out for it in following through on policy promises.