President Donald Trump marked a symbolic moment on Monday by ringing the opening bell of the New York Stock Exchange and Nasdaq from the Oval Office. This act underscores his effort to tie his presidency to the stock market’s performance. Amidst inflation affecting his popularity, Trump encouraged Americans to focus on their retirement investments, specifically 401(k) accounts. He claimed credit for any market gains as midterm elections approached in November.
Trump expressed optimism about the market, stating, “I think the market is going to shoot up” after facilitating the start of the trading day. However, only 33% of adults in the United States approve of Trump’s economic leadership according to a June survey by the AP-NORC Center for Public Affairs Research. Despite this, the gesture of ringing the opening bell suggests why his focus on the stock market might not significantly aid his party with voters in the fall.
The Oval Office event promoted the launch of ‘Trump Accounts’, designed to encourage children to invest in stock indices as part of the Republican tax and spending bill planned for 2025. Treasury Secretary Scott Bessent emphasized that many Americans lack direct exposure to stocks, meaning millions miss out on investments benefiting wealthier households or realize benefits only at retirement.
Bessent mentioned before the bell that “38% of American families have no exposure to our major equity markets.” The S&P 500 index gained 17.9% in 2025 following annual returns of 25% in 2024 and 26.3% in 2023 during Democrat Joe Biden’s presidency. The benchmark index has risen about 10% so far this year.
As inflation diminished public support for Biden, Trump also experienced a drop in approval due to a rising price cycle. He won the 2024 elections on a promise to reduce costs, but his tariffs and the onset of war in Iran created new inflationary pressures. The consumer price index increased by 4.2% over the past 12 months, up from 3% at the start of Trump’s second term in January 2025.
Despite challenges, Trump hopes stock investments, bolstered by the government and prominent companies and billionaires, will grant future generations deeper stakes in the U.S. economy. The accounts have already received support from billionaires, along with a government contribution of $1,000.
Michael Dell, founder of Dell Technologies, and his wife, Susan, joined Trump on Monday and pledged $6.25 billion to the accounts. Other billionaires, including investor Ray Dalio and SpaceX President Gwynne Shotwell, also made separate promises, with Shotwell indicating she would donate shares of SpaceX to the accounts.
Trump humorously acknowledged that children missed stock market gains due to delays in launching the ‘Trump Accounts’. “We should have acted faster,” he quipped.