During Trump’s first term and into his second, the Dow Jones, S&P 500, and Nasdaq posted impressive gains, fueled by Trump’s Tax Cuts and Jobs Act. The S&P 500 saw a 16% increase in 2025, following early turbulence from Trump’s trade policy. The act permanently lowered the corporate tax rate, encouraging investments.

Trump’s policies have had a significant impact on U.S. businesses. His tariff and trade policy initially disrupted the stock market but led to subsequent trade deals. However, tariffs negatively impacted businesses, with a New York Fed report showing declines in employment, productivity, sales, and profits for companies affected by China tariffs during Trump’s first term.

Stock buybacks hit an all-time high under Trump, with S&P 500 companies repurchasing $249 billion in Q3 2025. This surge, driven by Trump’s tax policy, is set to reach an estimated $1.02 trillion for 2025. Apple, Alphabet, and Nvidia have been notable in their buyback activity, with Apple buying back over $816 billion since 2013.

Nvidia, known for its GPUs powering AI, has seen significant buyback activity, approaching $52 billion in the last 12 months. Trump’s tax policy incentivized buybacks, boosting earnings per share for companies like Nvidia. While AI remains a focus, Trump’s tax policy seems to be fueling the trillion-dollar share buyback trend.

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Read more at Nasdaq: President Donald Trump’s Tax Policy Has Lit a Fire Under This Trillion-Dollar Trend That Apple, Alphabet, and Nvidia Are Taking Full Advantage Of