View of Morgan Stanley headquarters on June 26, 2012 in New York. Photo: AFP, Stan Honda

The worst performer today in the S&P 100, Morgan Stanley, last week issued a conviction call to buy the stock market on the grounds that the Trump tax and deregulation agenda would succeed. Today’s worst performers are stocks with exposure to the Trump agenda–banks and investment banks, as well as Apple, whose overseas cash hoard would allow to benefit from the proposed repatriation amnesty on corporate taxes.