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It’s finally here, the inauguration of President Trump. With the event and the transition of power taking place today, investors will finally see exactly what the incoming administration will do. So far, they aren’t impressed. The last few weeks have been trending lower, as the euphoria of his surprise win has faded. The so-called Trump Bump has officially deflated. Stocks spent much of the shortened trading week mixed and trending lower.

That’s in spite of decent economic data. Most metrics released this week came in on the bullish side: measures of manufacturing, inflation and housing all showed modest increases. However, much of the “better economy” story may have already been baked into stocks.

Earnings haven’t helped. While profits have been higher, the continued trend of mixed guidance and revenue messages has painted a murky picture. This fog helped traders’ decision to sell much easier.

All in all, worries began to creep back into the markets, and that has only increased volatility.

Check out last week’s Market Wrap here.

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