U.S. President Donald Trump brushed aside the recent pullback in U.S. equities during remarks at the World Economic Forum in Davos, describing the decline as “peanuts” compared with the market’s broader gains and predicting that stock prices would double over time.
Trump said positive economic data once lifted markets “as it should,” but complained that stocks now often retreat even when news is favorable. He added that the latest dip did little to alter his upbeat outlook for U.S. equities, calling the setback minor relative to the strong rally of recent years.
U.S. stocks responded positively to his comments. The S&P 500 rose about 0.4% at the open, reversing earlier premarket losses after traders characterized Trump’s tone in Davos as more conciliatory.
The president also revived speculation about leadership at the Federal Reserve, saying he would name a new Fed chair in the “not too distant future.” He renewed criticism of current Chair Jerome Powell, calling him “terrible,” remarks that briefly shifted market focus back to the outlook for interest rates and central bank independence.
One of the most pronounced market reactions appeared in nuclear energy stocks, which moved higher in premarket trading after Trump underscored nuclear power as a cornerstone of his economic and energy agenda. “We are very much into the world of nuclear energy,” he said, presenting the sector as a driver of future growth.
Shares of companies developing small nuclear reactors surged. NuScale Power climbed about 6.4%, Nano Nuclear Energy rose 5.6%, and Oklo, backed by Sam Altman, jumped roughly 7.8%.
