Investors often look at the stock market as a report card on a president, but that view is too narrow. Presidential policy can influence returns through taxes, trade, regulation, and public messaging. Over time, economic growth, inflation, interest rates, corporate profits, and the stage of the business cycle usually matter more than politics alone.

Why isn’t the stock market controlled by the White House?

The White House can shape the backdrop, but it does not control stock prices. Investors value stocks based on what they expect companies to earn over time, and those expectations depend much more on…