(CNBC) "The tax on imported goods from other countries is starting to look like one on stocks too." ‘Trump bump’ election gains wiped out The “Trump bump” in markets has disappeared. After tumbling on Tuesday, the S&P 500 closed at 5,778.15, below the 5,782.76 level on Election Day, Nov. 5. This means the index has lost its post-election gains. The Russell 2000 index of small caps, which jumped 5.84% on Nov. 6, is down about 8%. Meanwhile, technology stocks have slumped more than 7% since Trump took office in January.