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Stock market hasn’t seen a worse 100-day start to a presidential term in a half century.
The S&P 500 fell more than 7% in the 100 calendar days—69 trading days, to be precise—since Trump’s inauguration on Jan. 20, which concluded Tuesday. This is the worst performance of the index after the inauguration since Gerald Ford’s takeover in August 1974. Stocks fell more than 11% following Nixon’s resignation amid a stagflation-induced recession.
A president’s impact on the economy and the stock market isn’t always felt within their first 100 days in office—if it’s felt during their administration at all. Trump has turned the US economy and the global economy on its head. He has raised U.S. Tariffs to the highest level in over a century, and he is threatening the independence the Federal Reserve. This has contributed to turmoil in financial markets around the world. Consumer confidence is down, recession risks are on the rise, and business leaders have to navigate a thick cloud of uncertainty.
Stocks were on a roll when Trump took office, buoyed by the hopes of corporate tax reductions, deregulation, as well as a flurry acquisitions and mergers. Stocks reached a record high a few days after Trump’s election and remained there for about a week before signs of deteriorating consumer sentiment sounded alarms on Wall Street. The stock market has since suffered its worst rout in decades—and one of its biggest rallies in decades—as the president has continued to ratchet up the uncertainty.
The chaos has been worse than many of the supporters of President Trump expected. Executives who welcomed Trump’s re-election and expected four years of business-friendly and shareholder-friendly policy, have pushed against the president’s tariffs. The optimism among small business owners is waning. Trump’s Wall Street supporters, frustrated by Trump’s tariffs have criticized the Trump administration on social media.
