Trump's push for the US midterm elections has sparked policy uncertainty, and US stocks face unresolved policy risks.

According to Mars Finance, on January 14th, Ed Clissold, Chief U.S. Strategist at Ned Davis Research, plans to coin a new term – "Big MAC Trading," an abbreviation for "Big Midterms Are Coming." He intends to use this concept to summarize what he sees as the core theme of the 2026 U.S. stock market: the policy direction and its impact before and after the congressional elections this fall. U.S. President Trump has released a series of policy-like statements at the beginning of the year, indicating that he is focusing on improving the Republican Party's chances of winning the November elections, with his policy focus targeting the much-discussed issue of "affordability" in the U.S. This trend could have a profound impact on the stock market. Take last week's market performance as an example. Trump's demand that credit card issuers cap interest rates at 10%—less than half the current average—caused a sharp drop in bank stocks. His order for defense companies to suspend dividend payments and redirect funds to production also severely impacted the defense sector. And after the government's recent criticism of the Federal Reserve's independence, Wall Street was gripped by panic on Monday. Lissolder wrote in his report, "Policy adjustments targeting specific sectors before the midterm elections will be a major risk," and the market is currently unsure how to hedge against such risks. (Jinshi)