A growing skepticism among investors is undermining President Trump's attempts to steer financial markets higher through jawboning, as evidenced by the S&P 500's narrow daily range. Stocks traded within a tight 0.5% band on Tuesday, reflecting market uncertainty following renewed tensions with Iran. Investors doubt the efficacy of presidential rhetoric alone in driving sustained gains, particularly after the market's muted response to Trump's recent tweets targeting the Federal Reserve and trade policies. This skepticism persists despite the S&P 500's overall positive trajectory this year, suggesting jawboning's impact may be waning or already priced in.