Wall Street investors believe that, at least in the short term, Gold and other certain asset classes may be destined to replicate their performance from 2017, after Donald Trump's first term began.$Bitcoin (BTC.CC)$The sentiment surrounding Donald Trump's second term, which is pro-business, is generally optimistic.

Since the presidential election, the benchmark S&P 500 Index has risen nearly 4%, and last week the Index gained 2.9%, achieving its best weekly performance since early November.$S&P 500 Index (.SPX.US)$However, this outstanding performance does not reflect the uncertainty currently looming over the market.

Investors have been debating whether the stock market can continue its bull market in the face of anticipated tariffs, a weakening interest rate cut cycle, and questions regarding the new government's regulatory policies.

In this context, CNBC Pro researched the performance of certain Assets in the first 100 days of Donald Trump's first term and asked three investors if history can be expected to repeat itself this time. Here is what they had to say.

US Stocks

During the first 100 days of Donald Trump's first term, the three major stock indexes in the USA soared: $S&P 500 Index (.SPX.US)$ Increased by 5.3%, $Dow Jones Industrial Average (.DJI.US)$ Increased by 6.1%,$Nasdaq Composite Index (.IXIC.US)$It has risen by 9.2%. However, this time, investors suggest that the market may not rise significantly again.

Jeff Kilburg, founder and CEO of KKM Financial, said, "Compared to Trump 1.0, we see that the S&P 500 Index has a nearly 25% ROI for two consecutive years. It is hard to recreate the scenario from the last term unless there is a growth in consumer strength and corporate profits."

Art Hogan, chief market strategist at B. Riley Wealth Management, added that ultimately, it is reasonable to pause the rebound as investors wait to assess what the new government may bring.

He told CNBC, "This year we will welcome a new government, and new policies will bring uncertainty... I think investors will largely adopt a wait-and-see attitude, which has been very evident so far this year. The U.S. stock market has been basically flat this year to date."

In terms of sectors, in 2017, during the first 100 days of Trump's administration, the Technology sector rose by 11.5%, while the Energy sector fell by 8.2%. However, year to date, the Energy sector leads the market with a 9.2% increase, while Tech stocks (down 0.2%) are the second worst-performing sector in the S&P 500 Index. Three investors surveyed by CNBC Pro believe that Energy stocks may continue to dominate in the future.

"The supply-demand ratio of energy products is much more balanced than what commodity prices reflect," Hogan said. "Energy stock valuations are very, very reasonable, and dividends are generally attractive. This will be one of the better-performing sectors."

While AI trades will continue to boost Tech stocks, investors believe that the industry's performance in 2025 will not be as far ahead as in the past. "We need to lower expectations, as we will not see the parabolic growth we did in recent years," Kilburg said. "Technology stocks will still be the theme in 2025, but I think there will be a major repricing in the first half of this year simply because their pace of development is too large and too fast."

As for Other sectors, both Hogan and Kilburg believe that Medical Care may outperform the Large Cap in the near future.

Hogan also emphasized that financial stocks are another attractive sector due to a healthier banking interest rate environment and increased activity in Capital Markets.

Crude Oil

Crude Oil prices fluctuated significantly in the first 100 days of Donald Trump's term, but ultimately closed lower than the starting level. All three investors predict that this time Crude Oil prices will rise.

Kilburg stated, "My argument is that if Donald Trump can bring peace to the Middle East - it seems he has already brought peace before the inauguration - then Crude Oil prices will rise."

In fact, $Crude Oil Futures(MAR5) (CLmain.US)$ and $Brent Last Day Financial Futures(MAR5) (BZmain.US)$ In 2025, it increased by more than 8% on average.

Peter Boockvar, Chief Investment Officer of Bleakley Financial Group, stated that the new sanctions by the USA on Russian oil producers are another potential catalyst for rising crude oil prices.

Hogan added that loosening regulations by Donald Trump during his second term may aid in energy distribution and Transportation, eventually promoting overall supply.

Boockvar noted that gasoline prices in the USA rose between January and April 2017, but it might be more difficult to predict their trend this time, as gasoline has yet to reflect the increase in crude oil prices.

Hogan believes that as long as crude oil prices remain in a Range, gasoline prices will remain unchanged. "We might see the average price of WTI Crude Oil between $75 and $85 per barrel, which equates to about $3 per gallon for gasoline, if everything stays the same," he said. "I don't think there will be much change in this regard."

Gold and Bitcoin.

All three investors believe that gold will rise over the next 100 days, similar to 2017.

Hogan listed geopolitical uncertainty as a catalyst, while Kilburg pointed out concerns about inflation.

Faced with a strong dollar and rising real interest rates, Gold has been able to rebound due to strong demand from central banks. I don't believe this will change with the new government's arrival, Boockvar added. "If there is any change, it will be that with the new government imposing tariffs, people will be more inclined to buy Gold," he said.

On the other hand, Hogan stated that a more crypto-friendly government and wider adoption of Bitcoin will definitely continue to drive up the price of this flagship cryptocurrency.

On Monday, $Bitcoin (BTC.CC)$ Continuing the upward momentum from last week, it has surpassed the level of 0.1 million dollars.

However, Kilburg believes that there may be a pullback for Cryptos in the future. "As the saying goes, buy the rumor sell the news. If the new government does not buy Bitcoin within the first 100 days, we will see a pullback in Bitcoin," he said.

dollars.

From January to April 2017, the value of the dollar against other major currencies increased. Since Donald Trump’s re-election, the dollar has also appreciated under his more protectionist and tariff-supporting policies.

However, both Boockvar and Hogan believe that this rebound may quickly lose momentum.

"I have a feeling that Donald Trump will want the dollar to weaken. Therefore, if necessary, I speculate that most of the dollar's rise has already been realized," Boockvar said.

Hogan added that the decline in the growth rate of the U.S. gross domestic product (GDP) may limit a strong dollar in the short term. He said, "I think the dollar may be at its peak as the new government takes office... but I certainly do not think it will collapse at any time."

On the other hand, Kilburg is more optimistic, believing that the dollar will continue to appreciate. "I think the dollar will continue to rise, but unless we see massive tariffs, the dollar will not rise another 10%," he said.

U.S. 2-Year and 10-Year Treasury Notes Yield

Since 2017, U.S. benchmark Treasury yields have risen sharply. As of last Friday's close,$U.S. 2-Year Treasury Notes Yield (US2Y.BD)$was approximately 4.283%, while the benchmark $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ It is 4.623%.

Since the front end of the yield curve is driven by the federal funds rate, the three investors unanimously believe that the U.S. 2-Year Treasury Notes Yield might remain at the current level.

Hogan said, "The U.S. 2-Year Treasury Notes Yield may continue to reflect the market's interpretation of the Federal Reserve's monetary policy; if the Fed only lowers interest rates once more this year, then that yield may be in the right place."

He also added that$U.S. 10-Year Treasury Notes Yield (US10Y.BD)$it may better reflect investor sentiment on economic growth, stabilizing between 4.25% and 4.75%.

On the other hand, Broockvar and Kilburg both believe that long-term bond yields will rise.

Kilburg believes that the yield curve may steepen temporarily as bondholders demand more premium for the risks they bear. "I actually think that the U.S. 10-Year Treasury Notes Yield will reach above 5% in the short term. Then, some large Institutions holding U.S. Treasury Bonds will readjust their positions, and it will return to 4.5% level."

He added, "I believe that the fluctuations in U.S. bond yields in the first 100 days of Donald Trump's second term will be very severe."

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