Wall Street has now priced in some of the net effects of White House policies that have yet to take shape, from lower taxes to potential stimulus checks.

Why it matters: That leaves less potential upside for stocks when those policies actually materialize.

Driving the news: President Trump touted $2,000 stimulus checks paid for via tariff revenue over the weekend, though the details are far from certain. • Higher-income consumers can largely expect lower taxes in 2026 as a result of the One Big Beautiful Bill, while middle- and lower-income households are likely to see more modest relief. • The law also allows business to expense their research and development costs, which could also be stimulative as it leads to increased spending.

What they're saying: The impact of upcoming policy

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