Economist Steve Moore predicted Thursday on Fox Business that the stock market could see a âmassive turnaround,â depending on the approval of a GOP-led budget resolution and other factors.
Concerns over President Donald Trumpâs economic plans surfaced from some media pundits following the unveiling of reciprocal tariffs against a list of countries. With the market rebounding Thursday, however, and GOP lawmakers aiming to approve the budget resolution before July, Moore was asked whether he may have been wrong about his concerns regarding Trumpâs focus on tariffs.
âWe could be looking at an historic breakthrough on both trade and taxes,â Moore said.
On April 10, Congress passed a budget resolution blueprint involving Trumpâs 2017 Tax Cuts, immigration enforcement and new defense spending, advancing the presidentâs legislative agenda. With Senate Republicans allowed to bypass the 60-vote filibuster through a simple majority, some have teased the resolution could be finalized through Congress by Memorial Day.
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Moore went on to mention potential dates for finalizing the budget resolution.
âI donât know what date theyâre looking at. I heard July 4. I prefer Memorial Day, but Iâll take July 4. If those two things happen â this is a business show, this is an investor show â I think youâre gonna see one of the biggest booms in the stock market ever,â Moore said. âI really do.â
âI think youâre gonna see a massive turnaround in the bad stock market weâve had over the last month or two, and it could be a record high. So, yeah, Iâm feeling very bullish about things now. Look, there are still things that could go wrong,â Moore said. â right now, itâs looking positive.â
Since Trumpâs tariffs, the stock market has seen noticeable fluctuations, with S&P 500 futures rising 0.3% and Nasdaq-100 futures gaining 0.4% by close, according to CNBC.
Markets responded positively after Trump signaled Tuesday that the U.S. would eventually ease Chinaâs 145% tariff, saying the rate would âcome down substantiallyâ â though not be eliminated entirely.
(Featured Image Media Credit:Â Screenshot/Fox Business/âKudlowâ)
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