The cuts are being carried out under the direction of Tesla Chief Executive Elon Musk's Department of Government Efficiency.
Moreover, Trump has verbally supported Russia as he has pushed for a deal to end Russia's conflict with Ukraine, and has denounced the Ukrainian president as a dictator, creating alarm among some investors about relations between the U.S. and the rest of the world.
When asked whether a stock market correction of at least 10% is likely in the coming three months, 13 of 19 poll participants who answered the question said it was likely or highly likely, while six said it was unlikely.
"Those with a short-term horizon, they could be a little rattled by volatility. We just have so many unknowns as we start 2025," said Kristina Hooper, chief global market strategist at Invesco in New York. She expects the S&P 500 to end this year at 6,360.