There seems to be a more diverse purposes of stock prices theses days.
And trading prices are really interesting political/geopolitical storytellers.
Here are some recent examples:
1/ $DJT: This is obvious as the name of the company indicated. The financial obligation that Trump is facing also makes the market cap important.
2/ $META: This is partially an indicator of TikTok ban sentiment/probability I feel.
3/ $INTC: Bringing back high-end semi mfg to the US.
One could argue that the prices are moving based on narratives, rather than earnings; however, it’s true that different policies could change companies’ fundamentals in a big way.