synopsis

According to a CNBC report citing CFRA Research data, the S&P 500 declined 7.9% from Trump's inauguration on Jan. 20 to the close of the session on April 25, compared to a 9.9% slide in Nixon's first 100 days in 1973.

President Donald Trump’s first 100 days in office have reportedly been the worst period for the stock market for the commencement of a President’s four-year term, in at least 50 years.

According to a CNBC report citing CFRA Research data, the S&P 500 declined 7.9% from Trump's inauguration on Jan. 20 to the close of the session on April 25. In 1973, when President Richard Nixon's second term commenced, the index declined 9.9% after his economic measures to rein in inflation led to a recession.

Trump’s victory in November 2024 was welcomed by investors, pushing the S&P 500 to all-time highs. However, as the President began unveiling his aggressive stance on tariffs and immigration policies, the markets started to falter, driven by fears of inflation and a subsequent recession.

Beginning in April, Trump began to enact his promises and imposed a series of tariffs on trade partners. The resulting confusion regarding the tariff policies and the defiant stance by the Trump administration led to panic among investors, causing a rout in the bond market.

In a recent interview with Time Magazine, Trump stated that he was not concerned about the rout and that it did not influence his decision to grant a 90-day pause on tariffs on U.S. trading partners.

“I wasn’t worried,” he told Time Magazine in an interview. “No, it wasn’t for that reason. I'm doing that until we come up with the numbers that I want to come up with. I've met with a lot of countries. I've talked on the telephone. I don’t even want them to come in.”

He stated that although the bond market was nervous, he had a clear vision of what had to be done.

“The bond market was getting the yips, but I wasn’t. Because I know what we have. I know what we have, but I also know we won't have it for long if we allowed four more years of the gross incompetence. This thing was just running—it was running as a free spirit. This was—this was the most incompetent president in history,” he said.

Meanwhile, after a positive start to the week, benchmark indices retreated ahead of the release of Big Tech earnings. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, traded 0.68% lower while the Invesco QQQ Trust, Series 1 (QQQ) declined 0.96% by Monday afternoon.

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