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The death of the Trump trade

Investor backlash against US markets appears to be real

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    • The US’ benchmark S&P 500 index is now slightly negative on the year, bobbing tediously higher and lower in an unusually tight range since late December 2025.
    • The US’ benchmark S&P 500 index is now slightly negative on the year, bobbing tediously higher and lower in an unusually tight range since late December 2025. PHOTO: REUTERS

    Katie Martin

    Published Wed, Feb 25, 2026 · 06:49 PM

    [NEW YORK] US President Donald Trump’s trade is dead. Long live the anti-Trump trade. Wherever you look in financial markets, you see signs that global investors are going out of their way to avoid Trump’s America.

    Fund managers are not feeling miserable – far from it. Levels of general enthusiasm for riskier assets are roughly the same now as they were immediately after the president won re-election at the end of 2024, judging from investor surveys.

    But the source of that enthusiasm, and how it manifests in markets, has flipped.

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