President Trump Donald John TrumpOmar fires back at Trump over rally remarks: 'This is my country' Pelosi: Trump hurrying to fill SCOTUS seat so he can repeal ObamaCare Trump mocks Biden appearance, mask use ahead of first debate MORE has been in office with the most volatile stock market since the financial crisis. The market has shrugged off major headlines in the past. After Trump fired FBI Director James Comey James Brien ComeyDemocrats fear Russia interference could spoil bid to retake Senate Book: FBI sex crimes investigator helped trigger October 2016 public probe of Clinton emails Trump jabs at FBI director over testimony on Russia, antifa MORE on May 9, the Dow shrugged. When John McCain John Sidney McCainCindy McCain endorses Biden: He's only candidate 'who stands up for our values' Biden says Cindy McCain will endorse him Biden's six best bets in 2016 Trump states MORE torpedoed the American Health Care Act on July 28, the Dow actually moved up a touch. When Stormy Daniels resurfaced in “In Touch” on March 25 in with the full interview of her affair with Trump, investors continued bidding the markets higher.

Today? A feather could tickle the market into a fit. Shell-shocked investors anxiously await Trump’s next bombshell, as the leader of the free world’s style of “governance by impulse” doesn’t jibe with the specter of a trade war with China nor a proxy fight with Russia, both of which the president has made jarring actions on.

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Yet, Chinese President Xi Jinping’s conciliatory remarks on trade carried U.S. markets to a two-day winning streak earlier this week. The victory was short lived as yet another chest-thumping tweet from Trump saying “

get ready Russia

” after a reported chemical attack in Syria pulled the Dow back into its brawl with volatility the very next day.

In this new reality, there is no such thing as complacency. Markets no longer rally on any bit of news as they did in 2017. Wall Street and Main Street are losing the key elements that allowed the bull market to continue unfettered for so long. Trump has been perceived as business friendly and keen on making deals that benefit the private sector, but today, he is losing his financial legislation carrot. The departure of Paul Ryan Paul Davis RyanKenosha will be a good bellwether in 2020 At indoor rally, Pence says election runs through Wisconsin Juan Williams: Breaking down the debates MORE may cost Republicans control of Congress, a fate that would impede the president’s ability to push through legislation that benefits the stock market.

As for making deals, Trump’s hardline style of negotiating has the rest of the world waiting for a full-blown trade war or the tearing up of agreements. Trump has criticized trade deals worth hundreds of billions of dollars with Canada, China, Mexico and Germany. The cost of discovering that trade wars are actually not so easy to win came in the form of Chinese-backed tariffs aimed at U.S. farmers, which has spurred Trump to consider rejoining the Trans Pacific Partnership.

Then there’s Mike Pompeo Michael (Mike) Richard PompeoOvernight Defense: Pentagon redirects pandemic funding to defense contractors | US planning for full Afghanistan withdrawal by May | Anti-Trump GOP group puts ads in military papers Overnight Defense: House Democrats unveil stopgap spending measure to GOP opposition | Bill includes .6B for new subs | Trump issues Iran sanctions after world shrugs at US action at UN Navalny calls on Russia to return clothes he was wearing when he fell ill MORE, Trump’s choice for secretary of State, who has demonstrated an ability to think like the president and comes branded with the reputation of a hawk. Pompeo downplayed that image in his confirmation hearing. Yet, a mindmeld between Trump and Pompeo could push a strike Syria sooner rather than later, escalating a proxy war with Russia. As President Obama said in 2014, “Tough talk often draws headlines, but war rarely conforms to slogans.”

The sheer amount of glass balls in the air right now is terrifying to watch, but it’s hard to look away, especially if you have push notifications enabled. But with the second quarter ramping up, Wall Street can still look forward to a catalyst with earnings. Company fundamentals remain strong, global growth continues pacing along at a rapid clip, and consumer spending is at its highest in six years. Moreover, the S&P 500 is expected to see a 17 percent increase in earnings for the first quarter, the highest growth rate in seven years.

That’s only enough to keep investors content for so long. Emerging markets will need to continue growing if the bull market has any hopes of continuing, which won’t happen if investors are scared to invest outside of the United States as trade tensions play out around the globe. As Trump digs in his heels against an encircling Robert Mueller Robert (Bob) MuellerCNN's Toobin warns McCabe is in 'perilous condition' with emboldened Trump CNN anchor rips Trump over Stone while evoking Clinton-Lynch tarmac meeting The Hill's 12:30 Report: New Hampshire fallout MORE, we’re witnessing a fight that has pushed the president into a corner.

There are two possible scenarios. In the first, Trump will continue pushing the red button on his desk if he believes it will sway headlines. If he leans in on his trade battles or moves quickly to strike Syria, it would temporarily dissipate the clouds surrounding the Russia investigation. In the second, Trump fires Mueller and opens a new can of constitutional worms that investors and America are not prepared for. Make sure your Twitter notifications are enabled.

John Kilhefner is deputy managing editor of InvestorPlace.com.