Stephen Gretzer, managing director of JPMorgan Private Bank, said the first two years of Mr. Trump's second term could be "quite impactful" if he makes policy changes on taxes, deregulation and cryptocurrencies. Mr. Gretzer said Mr. Trump's tax cuts were key. "If you buy stock in a company, you're obviously buying their future after-tax earnings. If the tax rate is low, the share price will be high. I think that's what we saw last week. It's clear that the House and Senate are now on Mr. Trump's side, so we're likely to see things move in that direction over the next two years." He also noted that after the 2026 midterm elections, "it may not be so easy to do those things".