Donald Trump’s Social Media Posts Move Markets More Than Jobs Data, Says JPMorgan Portfolio Manager: ‘We’re One Truth Social Post Away From Being Up Or Down 5% Every Day’ – Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)
According to Bill Eigen, a portfolio manager at JPMorgan Asset Management, markets are significantly reactive to President Donald Trump’s social media posts.
What Happened: Speaking to CNBC Friday morning ahead of the April jobs report, Eigen said economic data is quickly taking a back seat.
“We’re one Truth Social post away from being up or down 5% every day,” Eigen said, describing the current market environment as “fun,” but filled with turbulence.
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Why It’s Important: Trump’s posts in the last few months back up Eigen’s statement, noted Fortune. Markets surged after he announced a 90-day tariff grace period to negotiate trade deals.
Conversely, they tumbled when he posted that Federal Reserve Chair Jerome Powell’s removal “couldn’t come fast enough.”
Before his inauguration, Trump moved currency markets by threatening tariffs on Canada and Mexico, causing the Canadian dollar and Mexican peso to fall.
A February JPMorgan study found Trump is posting fewer market-moving messages than during his first term, but momentum is building. About 10% of his recent posts have led to noticeable market shifts, according to Reuters.
Meanwhile, the U.S. labor market remained resilient in April, with job growth exceeding expectations despite pressure from trade tariffs affecting various sectors.
According to data released Friday by the Bureau of Labor Statistics, nonfarm payrolls rose by 177,000, down slightly from March’s revised figure of 185,000.
The SPDR S&P 500 Trust ETF SPY was up 1.48% on Friday, while the Invesco QQQ Trust QQQ, which tracks the Nasdaq-100 Index, was up 1.48%, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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