US President Donald Trump and his wife Melania Trump look on as they meet with US President Joe Biden and First Lady Jill Biden on the opening day of Donald's second presidential term Trump in Washington, USA 20 January 2025.
Carlos Barria | Reuters
US stock market futures rose as Donald Trump was sworn in second term as US president while investors bet that a series of immediate actions would boost the economy, especially in areas such as the banking and energy sectors.
Traders were also apparently encouraged by the news that Trump would not immediately introduce new tariffs on day one.
Dow Jones Industrial Average Futures gained 167 points, or 0.4%. S&p 500 future a 0.4% added. Nasdaq-100 future increased by 0.4%.
Regular trading on the New York Stock Exchange and Nasdaq was closed for the Martin Luther King Day holiday, but futures trading was limited.
Dow future, 1 day
“I've been doing this for 49 years and we're probably going from the most anti-business administration to the opposite,” said Stanley Druckenmiller, chairman and CEO of the Duquesne Family Office, in an interview during CNBC's special inauguration coverage. “Chiefs are somewhere between relieved and giddy…we believe in animal spirits.”
A number of executive actions will be released on Monday for investors to assess their impact on the economy. Trade memos from the expected new administration won't be taxes still apply. The memo calls for an investigation of China, Canada and Mexico for unfair trade practices and monetary policies.
Trump said in his first speech that he would overhaul the trade system so “instead of taxing our citizens to enrich other countries, we will tax and tax foreign countries to to strengthen our citizens.”
Elsewhere, Trump was ready to national energy crisiswith the aim of reducing high costs. It will expand the president's legal options to authorize drilling in Alaska and other areas.
Other executive actions due Monday are likely to deal with business deregulation and immigration restrictions.
Druckenmiller, considered one of the best hedge fund managers of all time, had been wary of the overall market due to rising interest rates.
Bitcoin jump to a new record above $109,000 on Monday before advancing and trading lower.
