- The stock market is hovering at record highs, rising about 2% since Trump took office on Monday.
- But there are even more pronounced moves elsewhere as markets adjust to a new era in US government.
- Stocks related to AI and the space industry have surged, while EV stocks have plunged.
President Donald Trump has been in office just three days, but the impact of his administration and the potential for his policy agenda to come to light are already being felt in markets.
The S&P 500 and Nasdaq 100 have jumped nearly 2% since Trump took office on Monday. Both indexes are closing in on record highs set in early December.
But the moves have been more pronounced in specific areas of the market, from crypto to the dollar and tech stocks, as Trump unleases a wave of executive orders and sets his agenda.
Here are five big moves in markets since Trump took office on Monday.
Technology stocks have boomed this week, driven by a $500 billion infrastructure announcement by Trump, dubbed "Stargate."
President Trump stood alongside AI and tech leaders including Sam Altman of OpenAI and Masayoshi Son of Softbank Group, as they announced a new initiative to invest $500 billion in AI infrastructure.
Oracle, Softbank Group, OpenAI, and MGX will work together as part of the venture, with initial technology partners including Nvidia, Microsoft, and Arm Holdings.
Trump said the deal would build data centers across the country and create more than 100,000 jobs in the US.
"AI seems to be very hot. It seems to be the thing that a lot of smart people are looking at very strongly. And our country will be prospering like never before," said Trump. "It is going to be the golden age of America."
Shares of AI tech stocks surged following the announcement, with Arm Holdings up about 15% while Oracle jumped as much as 11%.
Stocks tied to companies engaged in space travel and exploration have been on a tear since Trump won the election in November, and the gains were extended after he took office this week.
Trump has long been a proponent of space exploration, establishing the Space Force during his first term.
Trump's affinity for space, combined with his close relationship with Elon Musk, the founder of SpaceX, has investors betting that a bull market will take hold for space industry stocks.
"We will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars," Trump said in his inauguration speech on Monday.
Shares of Intuitive Machines, Redwire, and Rocket Labs USA have surged 23%, 43%, and 23% since Trump took office, respectively.
Electric vehicle stocks have received little love from investors since Trump was sworn in, with signs pointing to the likelihood that the President will end incentives that have accelerated the adoption of EVs.
Trump revoked 78 executive orders made by former President Joe Biden in his first day in office on Monday, one of which mandated that 50% of cars manufactured in the US had to be electric by 2030.
Trump also directed his administration to consider eliminating "unfair subsidies" and "other ill-conceived government-imposed market distortions that favor EVs."
Shares of smaller EV firms like Lucid and Rivian felt the move the most, with their stocks declining 12% and 10%, respectively.
Even Tesla stock has not been immune to the actions by Trump, despite CEO Elon Musk's close ties to the president. Shares of Tesla are down about 2% since Trump took office on Monday.
Bitcoin was an immediate beneficiary of Trump's election win last year and the token has notched fresh gains since the inauguration.
The price of bitcoin tagged a new all-time high shortly after Trump took office, hitting nearly $110,000. Bitcoin is up just over 2% since Monday.
The "crypto President," who launched his own meme coin right before he was inaugurated, has stoked optimism around a looser regulatory environment for the crypto industry and has teased the creation of a bitcoin national reserve that would see the US government buy and hold bitcoin as a strategic asset.
While the president didn't mention crypto during speeches on inauguration day, the Securities and Exchange Commission announced the creation of a task force this week aimed at working with the industry to clarify regulations, fueling bullishness about a coming boom for the wider crypto space.
There have been mixed moves in currency markets since Trump took office.
While the US dollar index, which measures the dollar against a basket of currencies, has declined slightly this week, the dollar has gained versus the Mexican peso and the Canadian dollar.
The weakening of the peso and Canadian dollar against the greenback stems from Trump's threats to levy a 25% tariff on goods imported from both countries on February 1. That announcement was more hawkish than the market expected, according to economists at Goldman Sachs.
At the same time, Trump's campaign-trail threat of universal tariffs appears to have been shelved, for now at least, which has led to the softening of the dollar against most other currencies as markets eye a smaller inflationary impact and lower interest rates as a result.
"President Trump's Inauguration Day policy announcements on tariffs were more benign than expected. While we did not expect major policy pronouncements so soon following inauguration, Trump's comments on China were notably less hawkish than during the presidential campaign," Goldman Sachs said.