Four companies at the forefront of our economic resurgence are shattering records under the steady hand of the Trump administration.
The president is touting these so-called “MAGA” stocks as the latest example of how prolific the market has been under his leadership as his reelection campaign makes its case to the American people.
Per Fox News:
Together they are responsible for about 17 percent of the S&P 500 and almost 70 percent of the index’s gain in 2020. Their strong start to the year has helped propel the S&P 500 to 10 record-high closes in 28 trading days, according to Dow Jones Market Data Group.
“The reason that I think these stocks are so strong is that they are perceived to be the transformative companies that we have right now, that they are more than just good businesses,” Jim Bianco, president and macro strategist at Bianco Research and the first person to notice the MAGA acronym, told FOX Business. “They are businesses that are going to devour whole industries.”
Still, there are potential challenges ahead for the stocks and the tech industry as a whole, posing a quandary for Trump, who is seeking a second term in the White House. He has criticized some of the tech giants but touted stock market gains as proof his economic policies are working.
Silicon Valley has come under increased scrutiny from Republicans and Democrats alike in the Trump era, with some lawmakers suggesting that a few of the companies should be broken up. The Federal Trade Commission and Trump’s Justice Department are both examining anti-competitive practices in the tech industry.
For the first time ever, there are FOUR trillion-dollar companies in the US.
Their acronym is MAGA…
I’ll just sit back and enjoy the comments about this.
— Jim Bianco (@biancoresearch) February 1, 2020