On Monday, President Donald Trump marked the official start of trading for the New York Stock Exchange and Nasdaq from the Oval Office. This symbolic act aimed to highlight his focus on tying his presidency to the stock market.
With inflation affecting his popularity, Trump has encouraged Americans to focus on their retirement investments, specifically 401(k) plans. He stated that his policies deserve credit for any gains, especially with the midterm elections approaching in November. ‘It’s going to go up; I believe the market will skyrocket,’ Trump stated after ringing the bell to start the trading day.
According to a June survey by the AP-NORC Center for Public Affairs Research, only 33% of American adults approve of Trump’s economic leadership. Despite this, the emphasis on the stock market may not significantly benefit his party with voters this fall.
The Oval Office event promoted the launch of Trump Accounts, designed to enable children to invest in stock indices as part of the Republican tax and spending cuts bill for 2025. Treasury Secretary Scott Bessent highlighted that many Americans lack direct exposure to stocks, meaning millions aren’t benefiting from investments mainly concentrated among wealthier households, with potential benefits only appearing in retirement years.
Bessent stated before the bell rung, ‘38% of American families have no exposure to our major equity markets.’ The S&P 500 index saw a 17.9% gain in 2025, following annual returns of 25% in 2024 and 26.3% in 2023 during President Joe Biden’s term. This year, the benchmark index is up approximately 10%.
Like inflation weakened public support for Biden, Trump also witnessed a drop in approval due to rising prices. Trump won the 2024 election by promising lower costs, yet his tariffs and the onset of war in Iran created new inflationary pressures. The consumer price index has increased by 4.2% over the past 12 months, up from 3% at the start of Trump’s second term in January 2025.
Trump is betting that government-backed stock investments and contributions from major companies and billionaires will offer future generations a deeper stake in the U.S. economy. The accounts have already seen a boost from billionaires, along with a $1,000 government contribution. Michael Dell, founder of Dell Technologies, and his wife Susan joined Trump and pledged $6.25 billion to the accounts, with other billionaires pledging separately, including investor Ray Dalio and SpaceX President Gwynne Shotwell, who announced on Monday she would donate company shares led by Elon Musk to the accounts.
Trump jokingly acknowledged that children have missed stock market gains due to delays in launching Trump Accounts. ‘We should have acted faster,’ Trump commented.