Tracking small-cap stocks, the Russell 2000 reversed course and skidded 0.4% lower. Volume was lower on the Nasdaq exchange while higher on the New York Stock Exchange compared with Monday. On the Nasdaq exchange, falling stocks edged out rising ones by nearly 2-to-1. In a turnaround on the NYSE, winners dug deep and edged out losers.

The yield on the 10-year hit a 52-week high of 4.896% on January 13, a week before Trump's second inauguration, and traded as low as 3.860% on April 4 before spiking to 4.607% on May 21, then settling at 4.431% on July 18.

Although Donald Trump ran as an economic populist in all four of his presidential campaigns — 2000, 2016, 2020 and 2024 — he often rails against "socialism" and has declared, in his speeches, that the United States "will never be a socialist country.