As the Trump administration continues to struggle implementing campaign promises, investors scrutinizing over this quarter’s corporate earnings reports will likely notice an interesting trend—a decline in the number of times either President Donald Trump or his administration are mentioned. Out of the 25 S&P 500 companies that had reported earnings as of July 12, just two of them mentioned Trump or his administration, according to FactSet.

“Trump” Citations on the Decline

That number contrasts significantly with the previous two quarters, which FactSet also scanned for the terms “Trump” and “administration” (only counted if used in reference to Trump’s administration). During this year’s Q1 earnings season, those terms were mentioned eight times by the 25 companies that had filed earnings at a similar point in time (April 12). Last year’s Q4 saw those terms mentioned as much as 16 times in 24 separate reports from companies that had filed by the same point in time (January 12).

The sharp decline in citations of “Trump” or “administration” in earnings reports is an indication that companies are losing confidence in the Trump administration’s ability to deliver on key campaign promises, such as massive infrastructure spending, corporate tax cuts and deregulation. (To read more, see: Trump Administration: What’s Next for Corporate America?)

The Dying “Trump Trade”

Following Trump’s election in early November, U.S. stocks, Treasury yields and the dollar all rose sharply. The “Trump Trade” as this phenomenon was being called, reflected the general confidence sweeping over the U.S. economy and financial markets in the hopes of a new more business-friendly environment with a Republican majority in Congress.

Yet, as early as April, as the 100-day mark of Trump’s presidency approached, there were already signs that the “Trump Trade” was souring. Last month, consumer confidence fell to its lowest level since Trump was elected. Six months in and Trump has failed to achieve any “major legislative success,” according to the New York Times. (To read more, see: Trump Concerns Spur Companies to Curb Spending.)

With the senate’s most recent failure to repeal Obamacare, confidence in Trump’s ability to follow through on other promised reforms continues to wane. That waning confidence is showing up in earnings reports, precisely in the absence of mentions of Trump or his administration.

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