Market Insider

Markets looked ready to rock Friday morning, but then ...

Bill Gross skeptical of growth under Trump

Stocks looked primed to run on Friday morning. But that didn't happen.

Following a morning rally before Donald Trump's inauguration, stocks waffled after the new president gave an inaugural speech that was heavy on rhetoric but lacked details on his much-hoped-for, pro-growth policies.

"The only reason we were up before was the optimism ahead of the inauguration," said Peter Boockvar, chief market analyst with Lindsey Group.

Boockvar said Trump's tone was not a surprise to him, but perhaps Wall Street was looking for a new tone.

"He sounded protectionist and 'America first' … Everybody knows that's part of this … This is not a state of the union where people are going to get policy-type discussions. A speech like this is supposed to sound broad. I don't think there should have been any expectation of specifics," he said.

"But he did emphasize America first, American jobs, and that's not a free trade mentality, and it sounds protectionist. We knew that was his attitude," Boockvar said.