Following a previous phone call between President Donald Trump and Russian President Vladimir Putin, Russian stocks have skyrocketed while U.S. stocks have faced staggering plunges.
The Dow is now down more than 2,500 points since Trump assumed office for his second presidential term, whereas the Moscow Exchange Index (MOEX) spiked in mid-February and has continued to climb and surge ever since then, according to CNN's Erin Burnett.
Burnett pointed out that the MOEX experienced a spike almost directly after the phone call between Trump and Putin. Russia's main stock market index has increased 295 points (or 10.23%) since the beginning of 2025.
The February phone call was lengthy, lasting 90 minutes as the two world leaders discussed a potential agreement to end the war in Ukraine. Trump and Putin agreed to meet in person for further discussion, as reported by Reuters at the time.
"We had a great call, and it lasted for a long time, over an hour," Trump said of his conversation with the Russian president. "We had a very good talk. People didn't really know what President Putin's thoughts were, but I think I can say with great confidence he wants to see [the war] ended."
Russian stocks plummeted three years ago when the nation first invaded Ukraine due to Western sanctions imposed upon them.
However, the rouble surged to 3.7% at 90.50 against the dollar following Trump's talk with Putin, the highest level it has achieved since September 2024. During the trading session, it briefly got to 89.90, causing some foreign exchange booths in Moscow to shut down after being unable to keep up with the dollar's sudden fall.
Meanwhile, U.S. stocks are plunging as Trump continues to threaten tariffs against some of the U.S.'s biggest trade partners, including Canada and China. The Dow Jones plunged 700 points to close at just 1.14% Tuesday, while the S&P 500 fell 0.76% and the Nasdaq Composite fell 0.18%.
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