President Donald Trump’s long-awaited tax plan came and went with a whimper, at least judging by the stock market’s reaction.
A 50-company basket of highly taxed companies maintained by Goldman Sachs pared gains following the announcement, now up 0.4% for the day.
The lack of enthusiasm for the index stands in contrast to the months following the presidential election, when it ripped as much as 14% higher through the end of February.
The muted reaction was mirrored more broadly by the S&P 500, which also fell from pre-tax plan levels after a short-lived spike up near an intraday high. The benchmark rose 0.2% as of 2:25 p.m. ET.
Now that an update on Trump’s tax plan has failed to further ignite a stock market yearning for progress, investors must now reassess the areas that have gained the most on expectations of bullish policy.