Investors are braced for more Trump tariffs as focus turns to inflation and Fed Chair Jerome Powell's Senate testimony.

But perhaps nothing has been more influential for the stock market over the last three months than Donald Trump's election night victory. During Trump's first term in the White House, the Dow Jones, S&P 500, and Nasdaq Composite respectively rose by 57%, 70%, and 142%.

The Nasdaq and other major stock market indexes began the week in positive territory on Monday as President Donald Trump planned new tariffs on steel and aluminum imports. The move follows Trump’s tariff announcements last week,

However, the stock market shifted into a higher gear in November after Donald Trump emerged as the victor on election night. While it's crystal clear that Wall Street loves President Trump, an inherited risk threatens to send the Dow Jones, S&P 500, and Nasdaq Composite tumbling.

Wall Street is taking President Donald Trump’s latest threat on tariffs in stride, on the whole, and U.S. stocks are drifting higher on Monday. The S&P 500 was up 0.4% in early trading, coming off a losing weekbookended by worries about how potential tariffs could push up inflation and threaten the economy.