Trump's first 100 days are the worst stock market since Nixon

U.S. President Donald Trump works on the floor of the New York Stock Exchange (NYSE) in New York City on April 7, 2025, on display on TV screens.

Spencer Platt | Getty Images

Since the 1970s, the first 100 days of President Donald Trump’s tenure are the worst stock markets in the stock market.

According to CFRA Research, 7.9% of the S&P 500 index, from Trump's sworn in on Jan. 20 to the end of April 25, was the second worst 100-day performance, back to the beginning of President Richard Nixon's second term. Nixon saw the S&P 500 9.9% in 1973 after a series of economic measures hitting inflation led to a recession between 1973 and 1975. Nixon would later resign in 1974 due to the Watergate scandal.

The CFRA shows that the S&P 500 rose an average of 2.1% in the first 100 days from 1944 to the post-election year in 2020.

The severity of stock declines contrasted with the initial euphoria after the November election victory, when his initial ecstasy, when the S&P 500 soared to its all-time high, a former businessman's confidence in tax cuts and deregulation. CFRA data shows that the S&P 500 rose by 3.7% from Election Day to Inauguration Day.

The rally spits violently and then violently Nov when Trump uses his early days to push other campaign commitments, and especially a radical approach to trade, many fearing that it will increase inflation and put the United States into recession.

In April, the S&P 500 lost 10% in just two days and briefly entered the bear market after Trump’s “reciprocity” tariff announcement. Trump then backed off part of the announcement, which stopped countries from renegotiating for 90 days, soothing some investors' concerns. Many people are concerned about further shortcomings.

"Everyone is looking for this bottom here," said Jeffrey Hirsch, editor of the Stock Trader Yearbook. "I still think it's a bear market rally, and it's a recent bounce. I don't believe we've left the woods because Washington lacks clarity and ongoing uncertainty."

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S&P 500 since its closure on January 17

The S&P 500 reached a high of 6,144.15 on February 19, ending at 5,525.21 on Friday. Starting in November, it eliminates all post-election gains.

To be sure, Trump has two other trading days to reduce his losses. His first 100 days technically ended on Tuesday. If the 500 index rally this week, he could be close to the worst start of the third inning – a 6.9% drop in the first 100 days of George W. Bush in 2001.