When President Trump signed the tax cuts into law last December, there were questions as to whether Wall Street had already baked them into corporate stock prices.

Bottom line: It's been a mixed bag. The Dow and S&P 500 are both up since the tax cuts, but their growth has slowed significantly. Nasdaq, which is dominated by tech stocks, has experienced a slight acceleration.

• The Dow Jones Industrial Average has only climbed 1.3% since the tax cuts were signed, despite having climbed 14.75% over the previous five months, and the S&P 500 is only up 3.5% compared to a previous gain of 8.7%.
• But the Nasdaq is up 11.3%, compared to nearly 9% for the prior five months.

One big variable introduced since the tax cuts is the prospect of global trade wars.