Historically, Trump's statements have led to increased market volatility, particularly when targeting specific institutions or industries. In this case, his suggestion that Harvard should lose its tax-exempt status could lead to a decline in investor confidence in the education sector. Additionally, the potential regulatory implications of reclassifying non-profit organizations as political entities could have far-reaching consequences for the stock market. The market may react negatively to the uncertainty and potential risks associated with such a policy change, leading to a decrease in stock prices for companies in the education and non-profit sectors. Furthermore, the statement may also impact the broader market, as investors become increasingly cautious about the potential for increased regulatory scrutiny and political instability.