Day 1
“The Golden Age of America begins right now,” President Trump promised in his inaugural address on Monday, stating the U.S. would be the “envy of every nation” and will “not be taken advantage of any longer.” Other themes previously touted on the campaign trail were referenced as well, like “drill, baby, drill,” becoming a “manufacturing nation once again,” and “establishing an External Revenue Service to collect all tariffs.” Also don’t forget the dozens of executive actions that were passed on Trump’s first day in office.
On the move: Any immediate reactions were largely muted with markets closed for MLK Day, but crypto was a big winner after Trump unveiled a new memecoin over the holiday weekend. Bitcoin (BTC-USD) notched a new all-time high of $109,340, before falling back as Trump skipped over any pro-crypto directives for Day 1. Meanwhile, stock futures advance in overnight trading following the best weekly performance for Wall Street since the post-election rally in November 2024.
The inauguration also put a fresh spotlight on currencies and forex. The Mexican peso slid against the greenback, while the Canadian dollar fell to a five-year low amid news that 25% tariffs on Mexico and Canada could be imposed as soon as Feb. 1. The euro slipped as well, with Trump issuing fresh tariff threats if the EU doesn’t “buy our oil and gas,” though the possibility of universal tariffs was ruled out as the U.S. is “not ready for that yet.”
Sector watch: Executive actions were on the radar over their impacts on sectors ranging from tech to the auto industry. The U.S. withdrew from the Paris climate accord (again), leasing and permitting for wind energy projects were halted, electric vehicle mandates were revoked, and illegal immigration was declared a national emergency. What about TikTok? Trump is delaying the enforcement of a ban on the popular app by 75 days and suggested that the U.S. government should be a half-owner in the business.
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