President Donald Trump’s first 100 days in office have marked the worst start for the stock market since President Richard Nixon’s second term in the 1970s. The S&P 500 dropped by 7.9% from Trump’s inauguration on January 20 through April 25, making it the second-worst performance in the first 100 days since Nixon’s era. Nixon experienced a 9.9% decline in the S&P 500 in 1973 due to economic measures combating inflation, which led to the 1973-1975 recession. Historically, the S&P 500 typically rises by 2.1% during the first 100 days of any presidency, according to CFRA Research data from 1944 to 2020.
This downturn contrasts sharply with the market’s initial optimism following Trump’s election victory in November, when the S&P 500 reached all-time highs. However, the rally faltered as Trump pursued aggressive trade policies, raising concerns about potential inflation and a possible recession. In April, the S&P 500 plummeted by 10% over two days after Trump announced ‘reciprocal’ tariffs, briefly entering bear market territory. Although Trump later softened part of this announcement, offering countries a 90-day pause to renegotiate deals, uncertainty persists.
As of Friday, the S&P 500 closed at 5,525.21, erasing all post-election gains from November. With two trading days left before the end of Trump’s first 100 days, a rally this week could potentially bring the decline closer to the third-worst start—George W. Bush’s 6.9% drop in 2001.
— new from CNBC
