The days of set-and-forget investing just ended for many Americans

Subscribe to enjoy similar stories. For years, Yoram Ariely hadn’t touched most of his investments, preferring to ride the stock market’s ups and downs. Last Tuesday, he decided he had enough.

The 82-year-old unloaded almost half of his stock investments, fearful of the effects of President Trump’s economic agenda, and tariffs in particular. He may get rid of more still. “The decisions are changing daily," said Ariely, a retired business owner in Longboat Key, Fla.

The Trump administration’s chaotic mix of tariffs and government budget cuts have jolted legions of everyday investors, leading them to question the assumption that they should buy and hold stocks on autopilot. The S&P 500, which had been delivering hard-to-beat gains, fell into correction territory this past week, with Wall Street fretting that the economy is sliding toward recession. In the first half of March, individual investors have been European defense stocks have been a popular bet, premised on increased security spending in the region.

The share of investors who are bullish on the stock market is now at its lowest level since September 2022, according to survey data from the American Association of Individual Investors. Of course, many people aren’t touching their portfolios, following standard financial advice to avoid making rash decisions during market turmoil. Even with the heightened trading in 401(k)s in the past month, the activity amounted to just 0.43% of account balances, versus the average of 0.12% over the past several years, Alight said.

People’s economic outlooks are also closely tied to their political leanings. Some Trump supporters say they are unfazed or even looking for a moment to buy. Still, it is an abrupt shift, since it has