Institutional analysts say the "Trump option" no longer exists. Evidence is that US stocks have wiped out almost all of their big gains since election day, a decline that has also rippled through bitcoin and other risky assets. Expectations of deregulation, tax cuts and other fiscal stimulus from President Trump have been replaced by concerns. Chris Galipeau, senior market strategist at Franklin Templeton Investments, said: "The mess in the US government has created a lot of uncertainty. This is literally a Trump fire." Benoit Anne, managing director at Mason Investment Management, said the trade war was a risk to economic growth in the US and the rest of the world. The stock market is reflecting this, with the US stock market no longer going all the way up, and now the situation is more complicated and volatile. "The worst may soon pass," said Mr. Galipeau. "The stock market is now in a state of" discount promotion "and the range of earnings growth is expanding, which is a positive factor, and mid-cap and small value stocks look particularly attractive. With artificial intelligence-related deals" getting more and more unsupported ", even the" Big Seven "of the tech industry have become almost a good bargain."