The stock market’s Trump-fueled honeymoon has fallen short of inauguration day. While the S&P 500 eked out a gain to start the week, the index remains effectively unchanged from the day before the election.

The stock market may soon get much-needed support from a surprising source: U.S. President-elect Donald Trump’s low popularity rating.

Outlook: Investors are still not pricing in enough risks in emerging markets from the fallout of a new US-China trade war, writes Manik Narain of UBS. We have a busy day ahead with data releases and Wall Street earnings:

The S&P 500 index SPX is clinging to a gain of just 0.8% since Election Day on Nov. 5, threatening to erase the “Trump bump” investors attributed to Donald Trump’s victory. The performance is on track to be the weakest Election Day-to-Inauguration Day run since the run-up to Barack Obama’s inauguration in 2009 amid a global financial crisis.

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