Twenty weeks into the second term of a president who promised to make America great again, many of the big stock market winners hail from outside the US.
European defence companies and Chinese technology giants are among those prospering from — or despite — Donald Trump’s policies; Silicon Valley contains some winners, but many losers too.
The FT’s network of correspondents analysed the biggest global movers since the inauguration to identify which are struggling and which are triumphing under Trump.
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Top 50 companies by percentage change in market cap added since January 20:
1. Rheinmetall (205%)
2. Pop Mart (177%)
3. Hanwha Aerospace (164%)
4. Saab (153%)
5. Guotai Haitong Securities (113%)
6. Leonardo (103%)
7. Thales (97%)
8. Siemens Energy (96%)
9. Tencent Music (85%)
10. Palantir (83%)
11. ST Engineering (80%)
12. Société Générale (78%)
13. Mitsubishi Heavy Industries (78%)
14. BAE Systems (77%)
15. Solar Industries India (74%)
16. Capital One (70%)
17. AngloGold Ashanti (69%)
18. Dassault Aviation (69%)
19. Commerzbank (69%)
20. Rolls-Royce (65%)
21. Dollar General (63%)
22. Gold Fields (63%)
23. Kongsberg (61%)
24. Zscaler (61%)
25. Northern Star Resources (61%)
26. Konami (60%)
27. Hansoh Pharmaceutical (60%)
28. Sichuan Biokin Pharmaceutical (59%)
29. Wheaton Precious Metals (59%)
30. NEC (59%)
31. Xiaomi (58%)
32. Hanwha Ocean (57%)
33. ABN Amro (56%)
34. Banco Santander (56%)
35. Orlen (55%)
36. Coca-Cola HBC (55%)
37. Talanx (55%)
38. Hyundai Merchant Marine (54%)
39. Eon (54%)
40. BYD (53%)
41. Banco Bradesco (52%)
42. Carvana (52%)
43. Rubrik (52%)
44. Elbit Systems (50%)
45. NTT Data (50%)
46. Robinhood Markets (50%)
47. Duolingo (50%)
48. Amcor (49%)
49. Philip Morris (49%)
50. Aselsan (49%)
Top 50 companies by percentage change in market cap lost since January 20:
1. Deckers Outdoor (-50%)
2. Marvell Technology (-47%)
3. Siemens (-46%)
4. UnitedHealth (-42%)
5. Teradyne (-41%)
6. Airports of Thailand (-40%)
7. Trade Desk (-39%)
8. Illumina (-39%)
9. ACWA Power (-38%)
10. West Pharmaceutical Services (-37%)
11. Barito Renewables (-36%)
12. Jefferies Financial (-35%)
13. Ivanhoe Mines (-34%)
14. Halliburton (-34%)
15. Builders FirstSource (-33%)
16. Entegris (-32%)
17. Pik2 (-31%)
18. Reddit (-31%)
19. Dow (-31%)
20. Global Payments (-31%)
21. Target (-30%)
22. Manhattan Associates (-30%)
23. Alexandria Real Estate (-30%)
24. Regeneron (-30%)
25. Icon (-29%)
26. Delta Electronics (Thailand) (-29%)
27. Zebra Technologies (-29%)
28. Skyworks Solutions (-29%)
29. YPF (-29%)
30. Thermo Fisher Scientific (-28%)
31. Becton Dickinson (-28%)
32. LyondellBasell (-28%)
33. Cooper Companies (-28%)
34. Astera Labs (-27%)
35. Hygon (-27%)
36. Block (-27%)
37. Bunzl (-27%)
38. James Hardie Industries (-27%)
39. Booz Allen Hamilton (-26%)
40. IQVIA (-26%)
41. Stellantis (-26%)
42. Schlumberger (-26%)
43. Solidere (-26%)
44. Targa Resources (-26%)
45. Owens Corning (-26%)
46. SK Innovation (-26%)
47. Porsche (-25%)
48. Viatris (-25%)
49. Delta Air Lines (-25%)
50. UPS (-25%)
View the interactive version of this table while connected to the internet for details of each company and filtering options.
How we calculated winners and losers
The FT looked at all listed companies worth more than $10bn in market capitalisation and the change between January 20 2025 and June 4 2025.
Data for Brookfield and BTG Pactual has been corrected since first publication
Sources: FactSet; Capital IQ
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