Trump's first day in office brought a wave of executive orders targeting immigration, energy, social policies, and announcing the withdrawal from global agreements like the Paris Climate Accord and the World Health Organization.
Trump also pledged to raise tariffs up to 25% on both Canada and Mexico starting Feb. 1, but fell short of announcing universal tariffs on all imports.
Following Monday’s market closure for Martin Luther King Jr. Day, investors began assessing how Trump's new policy measures could impact sectors across the board.
Gold miners and defense stocks outperformed, while solar energy companies were among the hardest hit.
Wall Street’s Winners And Losers After Trump’s Day 1
Gold miners were among the standout performers, amid rising trade fears between the U.S. and Canada.
The VanEck Gold Miners ETF (NYSE:GDX) climbed 2.6% by 1:30 p.m. ET Tuesday. Leading gains were Harmony Gold Mining Co. (NYSE:HMY), up 4.3% and Endeavour Silver Corp. (NYSE:EXK), up 3.1%.
“While President Trump's Inauguration Day policy announcements on tariffs were more benign than expected, we continue to expect the White House to increase tariff rates on autos and imports from China, and we see other tariff proposals as a risk,” Goldman Sach’s analyst Elsie Peng wrote in a note Tuesday.
Defense stocks also surged as Trump's policies emphasized national security and border protection declaring a “national emergency” at the southern border with Mexico. The iShares U.S. Aerospace & Defense ETF (NYSE:ITA) rose 3.3%.
Other notable movers included the U.S. Global Jets ETF (NYSE:JETS), up 2%, and the SPDR S&P Metals & Mining ETF (NYSE:XME), which rose 1.6% as investors bet on increased demand for industrial materials.
Oil and gas exploration companies saw declines despite Trump's "Drill, Baby, Drill" push to unleash U.S. energy resources. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) dropped 1.1%, signaling concerns about potential oversupply.
Clean energy and solar stocks, however, suffered from Trump's decision to halt offshore wind leasing and withdraw the U.S. from the Paris Climate Accord.
The Invesco Solar ETF (NYSE:TAN) fell 3.1%, with losses from Daqo New Energy Corp. (NYSE:DQ), down 6.7%, and First Solar Inc. (NASDAQ:FSLR), which dropped 5.4%. The Invesco WilderHill Clean Energy ETF (NYSE:PBW) slipped 1%.
Read Next:
- Mexican Peso, Canadian Dollar Slide As Trump Threatens 25% Tariffs, Economist Eyes Price Hikes On ‘Typical US Breakfast’
Photo: Shutterstock
