Uh-Oh! The Inflationary Effects of the Donald Trump-Led Iran War Now Extend Well Beyond the Energy Sector.

Statistically, outsize annualized returns have been the norm for the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite under President Donald Trump.

Trump's decision to attack Iran sent fuel prices soaring -- but energy is no longer the primary concern from Iran-war-driven inflation.

Trumpflation has entered a new phase, with the inflationary effects of the Iran war spilling over into the broader economy.

Statistically, an outperforming stock market and Donald Trump in the White House have gone hand in hand. During President Trump's first, non-consecutive term, the time-tested Dow Jones Industrial Average (DJINDICES: ^DJI) , widely followed S&P 500 (SNPINDEX: ^GSPC) , and technology-focused Nasdaq Composite (NASDAQINDEX: ^IXIC) rallied 57%, 70%, and 142%, respectively .

These outsize annualized returns have continued since his second term began, with the evolution of artificial intelligence (AI) serving as the primary catalyst.

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The inflationary effects of President Trump's Iran war could stick around considerably longer than initially forecast. Image source: Official White House Photo by Daniel Torok.

However, not all of Donald Trump's policies are well-received by Wall Street and/or consumers. For example, his tariff and trade policy , designed to bolster U.S. manufacturing jobs, is adding duties to select imported goods and driving up consumer prices.