• The S&P 500 fell during the first 100 days of the new administration, but some stocks still delivered strong gains.

• Palantir faced volatility when new government cost-cutting hit its key defense contracts.

• I don’t crave economic uncertainty and low consumer confidence, but these trends can be good news for price-sensitive retailers like Dollar General.

The stock market took a tumble in the first 100 days of the second Trump administration. The S&P 500 (SNPINDEX: ^GSPC) market index fell 7.1% in this commonly analyzed benchmarking period for new American governments. The more volatile Nasdaq Composite (NASDAQINDEX: ^IXIC) index took a heavier 11.1% hit.

But it wasn’t doom and gloom for the whole market — 161 of the 502 stocks on the S&P 500 roster posted positive returns in this volatile span. Let’s take a look at some of the largest 100-day gains. Did these stocks benefit from Trump’s policies, or were they just set up for success without help from the White House?

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Here are the 5 biggest price gains in the S&P 500 for the Trump team’s first three months (and change):

Data collected from Finviz.com and YCharts on 5/1/2025.

Most of these winners simply added more heft to positive long-term price trends. Let me take a look at three of the recent market-beaters: Palantir, Dollar General, and Netflix.

Data analytics expert Palantir is absolutely soaring these days. It’s hard to beat a more than fivefold return in 52 weeks, and the stock hasn’t slowed amid the Trump government’s unpredictable policies.

That said, the Palantir price you see today isn’t a record. It has actually backed down by 7% from a short-lived peak in the middle of February. The reversal was indeed inspired by a couple of Trump policies. The U.S. military is Palantir’s most important client group, so investors were quick to sell the stock when the new administration’s cost-cutting efforts reached the Pentagon.

So Palantir is a mixed bag. The company clearly doesn’t benefit from all of Trump’s policy moves. At the same time, it is obviously doing something very right — $274 billion market caps don’t spring out of thin air. Fourth-quarter revenues rose 36% year over year while free cash flow margins widened from 50% to 63%. Palantir was on a roll in 2024.

How much of that momentum can Palantir preserve under the new regime? Next week’s Q1 report should clarify how Washington’s agenda is affecting Palantir’s business results.

At the other end of this elite spectrum, I think it’s pretty clear that Netflix largely moved without government assistance.

Sure, the stock followed the broader market on a daily basis, often reflecting the same general market mood as the S&P 500. But the big gains sprung from a pair of analyst-stumping earnings reports in January and April. The media-streaming pioneer has overcome the weak growth it saw in 2022, marching to new stock price records in 2025.

I can’t call Netflix a no-brainer buy today, given the rather lofty valuation ratios under its belt. The stock is changing hands at 54 times trailing earnings and 65 times free cash flows. Netflix has earned those premium price tags the honest way, reporting solid growth and industry-leading profit margins.

But I’m also not selling any of my Netflix shares right now. The company is going from strength to strength, and its service-oriented business model looks nearly immune to political risks such as import tariffs and international trade tensions.

Dollar General is an outlier in this discussion. The discount-store retailer was in a deep dive when Trump took office again, looking back at a negative total return of 47% over the previous 52 weeks.

But the stock started showing real strength at that point. Fourth-quarter revenues rose 4.5% year over year amid positive same-store sales growth. Management set up optimistic long-term growth targets with steady store openings and continued same-store growth in the years ahead.

Low-priced stores like Dollar General tend to do well when consumers worry about the economy. With consumer confidence recently matching the gloomy levels seen in the depth of the coronavirus pandemic, this company looks poised for a strong run. And I would argue that the Trump administration’s unpredictable policies are helping in this case.

No matter who’s in the White House, focusing on fundamentals remains the Foolish way to invest. Government moves can reshape the playing field, but you can still build wealth with a clear-eyed business analysis. If nothing else, you might want to buy S&P 500 index funds like the Vanguard S&P 500 ETF (NYSEMKT: VOO) while they’re relatively cheap.

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Anders Bylund has positions in Netflix and Vanguard S&P 500 ETF. The Motley Fool has positions in and recommends Netflix, Palantir Technologies, Vanguard S&P 500 ETF, and VeriSign. The Motley Fool recommends Philip Morris International. The Motley Fool has a disclosure policy.

These S&P 500 Stocks Soared During Trump’s First 100 Days in Office. Are They No-Brainer Buys Today? was originally published by The Motley Fool