Anyone else notice that the "Trump trade" seems to be fading?
u/michallocey5246 ·
Reddit — r/smallstreetbets
· July 25, 2026 at 16:52
· ⬆ 35 pts
· 💬 11 comments
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A few months ago the market was all about buying companies that would benefit from tariffs, deregulation, and "America First" policies. That trade looked obvious.
Now it feels like the market has moved on. Small caps aren't leading. Industrial names have lost momentum. Investors seem way more focused on earnings, AI spending, inflation, and whether the Fed cuts rates than on politics.
Makes me think the market is reminding everyone that narratives only last so long. Eventually companies have to deliver.
Curious if anyone is still positioning around the Trump trade, or if that theme is basically over for now.