US stocks (^DJI,^GSPC, ^IXIC) are trading at or near record highs after the Federal Reserve announced a 25 basis point rate cut, extending the rally fueled by former President Donald Trump's reelection. T. Rowe Price's global head of multi-asset and CIO Sébastien Page sits down with Market Domination Hosts Julie Hyman and Josh Lipton to discuss what's driving the so-called Trump rally and what could stop the market's recent upward trajectory.

Page outlines the three factors driving stocks higher: "My view is that the market is pricing in deregulation, lower taxes, and inflation."

"Now, that's, I think, a reasonable reaction based on what was said on the campaign trail," he says, adding a "the fourth factor" is "just a sigh of relief that we have an [election] outcome and it's potentially pro-growth."

The strategist notes that Trump's proposed tariffs represent a risk to stocks' continued growth.

"The one thing that maybe the market is not fully considering right now is trade wars can have real consequences, real economic consequences, and that can rattle stocks. And we're kind of pushing that can down the road. I think we're not thinking about that enough right now."

To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.

This post was written by Naomi Buchanan.