Strategists at Citigroup say the current 4.5 per cent rise in US stocks this year may already be the best short-term outcome because of the risks posed by Mr. Trump's policy proposals. The team, led by Scott Chronert, said investors were betting that Mr. Trump's America First policies would have a "pro-business" impact. "We are not opposed to this, but at the same time believe that the fundamental disruption of these policies may not have been priced in yet. Our view for the full year has not changed significantly, but downside risks have increased slightly in the near to medium term." US stocks have lagged global equities in 2025 on concerns that Mr. Trump's protectionism and proposed import tariffs could spur inflation. Investors have also questioned the high valuations of the tech giants, with four of them (Apple, Tesla, Alphabet and Microsoft) currently in decline. The Big Seven's contribution to earnings growth has also slowed from its peak in late 2023. Momentum is now coming from the rest of the S & P 500, Chronert said, and there are signs of the rally extending beyond the big tech stocks, but so far only to other big names.