The S&P 500 opened at 5864 on the morning after the US election, it’s now trading at 5880.

That’s just a few points higher on what was a surprisingly strong Republican sweep. In the aftermath of the election, the market was enthralled with the idea of extending the Trump tax cuts, deregulation and a pickup in economic growth.

Instead, it’s been tariffs, chaotic foreign policy and layoffs.

I think ultimately, the pro-growth agenda wins out but I’m not sure the market wants to buy into that until we see the tax cut passed. At the same time, DeepSeek has upended the AI theme and Nvidia isn’t the bedrock it once was.

Most of the post-election trades have now reversed , including Tesla, which is also back to where it was on the morning after the election. DOGE is looking like a short-term gain for Elon but long-term pain.