President Donald Trump rang the opening bells of the New York Stock Exchange and Nasdaq from the Oval Office. This symbolic act shows how he ties his presidency to the stock market. With inflation affecting his popularity, Trump encourages Americans to focus on their retirement investments like 401(k)s. He claims his policies deserve credit for any gains, especially as midterm elections approach.
Trump stated, “It’s going to go up – I think the market will soar,” after formally starting the trading day. Only 33% of American adults approve of Trump’s economic leadership, according to a June poll by the AP-NORC Center for Public Affairs Research. Yet, opening the trading day suggests why focusing on the stock market may not benefit his party with voters this fall.
The Oval Office event promoted Trump Accounts, designed for children to invest in stock indices. This is part of a major Republican tax and spending bill aimed for 2025. Treasury Secretary Scott Bessent emphasizes that many Americans lack direct stock exposure, meaning millions miss out on investments that benefit wealthier families. Such benefits would only come decades later, at retirement.
Bessent noted before the bell, “38% of American families have no exposure to our major equity markets.” The S&P 500 saw a 17.9% gain in 2025, following annual returns of 25% in 2024 and 26.3% in 2023, during Democrat Joe Biden’s presidency. This benchmark index has risen roughly 10% this year.
Inflation hurt Biden’s public support, and Trump also sees a drop in approval due to rising prices. Trump won the 2024 election by promising cost cuts, but his tariffs and the start of the Iran conflict added inflationary pressures. The consumer price index has jumped 4.2% over the past 12 months, compared to 3% when Trump began his second term in January 2025.
Trump believes that stock investments promoted by the government, prominent companies, and billionaires will give future generations deeper US economic participation. The accounts already gained momentum from billionaires, alongside $1,000 from the government. Michael Dell, founder of Dell Technologies, and his wife Susan joined Trump, committing $6.25 billion to the accounts. Other billionaires, like investor Ray Dalio and SpaceX President Gwynne Shotwell, made separate pledges. Shotwell said she would donate SpaceX stock to the accounts.
Trump jokingly acknowledged children missed stock market gains due to the Trump Accounts’ delayed launch. “We should have acted faster,” Trump remarked.
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