U.S. President Donald Trump's first day in the Oval Office seemed light on any immediate action on that front, sending markets higher.

“While Tuesday is the first trading session under Trump 2.0, markets are forward looking, and much of the optimism over the potential for tax cuts and deregulation is already priced in, via the post-election stock market surge, which stocks have held onto for the most part,” Geranen said.

One trading day into Donald Trump’s second term and it’s clear the stock market has a new driver, at least for now. Share prices rallied Tuesday, with gains largely generated by one thing the president didn’t do: enact sweeping tariffs on major trading partners.