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Trump Calls Deportations 'Too Tough,' Vows Pardons, Firings
Why did Trump say his deportation policy was too tough?
Trump told CBS's "60 Minutes" on Sunday his deportation policy was "too tough," said he expects to fire some cabinet members and promised "tremendous numbers of pardons" after Republicans lost Congress.
Key numbers
| S&P 500, week to Nov 6 | -2.7%weekly change |
|---|---|
| Nasdaq Composite, week to Nov 6 | -3.4%weekly change |
| Dow Jones, week to Nov 6 | -0.9%weekly change |
| S&P 500 close, Fri Nov 6 | 7,376.86+0.31% |
| S&P 500 futures, Mon premarket (per [5]) | +0.6%+45 points |
What happened
Trump told CBS's "60 Minutes" on Sunday his deportation policy was "too tough," said he expects to fire some cabinet members and promised "tremendous numbers of pardons" after Republicans lost Congress. He added that he loves his Cabinet but expects "a few changes," and Stephen Miller, an architect of the deportation push, was named chief of staff on Friday. Democrats won both the House and the Senate last week. The S&P 500, an index of 500 large US companies, fell 2.7% last week, mainly on AI-spending and regulation worries. Stock futures, early bets on Monday's open, were higher.
Why it matters
Trump's admission that deportations went too far could signal a softer approach, but promoting Miller, an architect of the policy, points the other way. Democrats now control Congress and have vowed to investigate the government's immigration policies. For stock investors, the bigger worry last week was possible tighter rules on AI, which the Democratic wins raised. No source ties last week's market moves to this interview.
Who this affects
- MarketneutralLow impact
- Investors focused on AI spending and regulation last week.
- CompanyneutralMedium impact
- White House team shifts as Miller replaces Wiles.
- CompetitorsneutralMedium impact
- Democrats, newly in control, vow immigration investigations.
- IndustrymixedLow impact
- Landscaping, hotel employers named by Trump; no policy change yet.
S&P 500 vs Dow Jones, Nasdaq Composite
| S&P 500SPX | 7,376.86 | +0.31% | -2.7% |
|---|---|---|---|
| Dow JonesDJI | 51,285.73 | -0.46% | -0.9% |
| Nasdaq CompositeIXIC | 24,579.42 | +1.09% | -3.4% |
As of 2026-11-06
How we got here
Democrats win control of both the House and the Senate in the midterms.
Wall Street sells off on fears Democratic wins bring tighter AI rules.
Trump names Stephen Miller chief of staff, replacing Susie Wiles.
CBS airs Trump's post-midterm "60 Minutes" interview with Ross Douthat.
Miller takes office; S&P 500 futures rise before the open.
What to watch
- Which cabinet members Trump replaces after expecting "a few changes".Q4 2026
- Whether the promised "tremendous numbers of pardons" are issued, and to whom.Ongoing
- Democratic investigations into immigration policy once the new Congress is seated.2027-01-03
Educational content only. Not investment advice.
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