Fundstrat said Trump's policy decisions drove the five biggest gains and losses in the stock market during his second term, with tariffs, the Iran war, and Fed chair decisions fueling volatility. Without the five strongest Trump-driven days, the S&P 500 would be down 2.7% instead of up 19%. The "TACO trade" — short for "Trump always chickens out" — evolved from a joke into a force shaping market behavior.
