The U.S. stock market has recorded its worst performance during the first 100 days of a presidential term in more than half a century, ending with the S&P 500 down 7.27% and shedding over $3.6 trillion in market value since President Donald Trump’s second inauguration on January 20. This marks the steepest early-term market decline since Gerald Ford took office in 1974, reads a CNN post.
Despite an initial post-election rally built on expectations of a pro-business administration, Trump’s renewed focus on tariffs and aggressive trade policy has since unleashed significant uncertainty. The S&P 500, Dow, and Nasdaq all posted gains this week, but those improvements have not erased months of volatility and investor anxiety.
“The going will get tougher from here,” warned Jonas Goltermann, deputy chief markets economist at Capital Economics, citing the unpredictable nature of U.S. trade strategy.
Much of the market turbulence stems from Trump's “Liberation Day” and “reciprocal” tariffs, which sent the S&P 500 into correction territory in March and to its yearly low by April 8. Although markets have since partially recovered, volatility remains elevated.
Terry Sandven of U.S. Bank Wealth Management noted that policy ambiguity is overshadowing economic fundamentals, and that visibility on tariffs will be essential before confidence returns.
The damage has been especially severe for the Magnificent Seven tech giants, with Apple, Nvidia, Tesla, and Amazon each declining sharply. Amazon, in particular, became a flashpoint after a report incorrectly suggested it would disclose tariff-related costs on product pages, prompting a strong rebuke from the White House. Trump personally called Amazon founder Jeff Bezos, later describing the conversation as constructive.
Amid the turbulence, investors have sought safer havens. Gold has surged 26% year-to-date, briefly exceeding $3,500 per troy ounce. Newmont Corporation leads the S&P 500 with a 42.3% gain, while Palantir has also surged over 50%, continuing momentum from last year’s AI boom.
In contrast, U.S. Treasuries—typically a go-to during market stress—have lost their appeal. Investors sold off bonds in April despite global uncertainty, driving yields down and triggering concern over Treasuries’ reliability as a safe haven.
The U.S. dollar has also faltered, with the dollar index down more than 8% for the year and hitting a three-year low, while the Euro has risen more than 9%. Joe Zappia of LVW Advisors suggests this weakening trend may become more permanent, reflecting shifting investor sentiment away from U.S. assets.
Internationally, investors have turned to European and Asian markets. Germany’s DAX and Hong Kong’s Hang Seng have posted double-digit gains, driven by global fund managers reallocating away from American equities.
Meanwhile, Wall Street’s CBOE Volatility Index (VIX) soared above 50 in early April—levels seen only during the 2008 crisis and the Covid-19 crash. Though it has eased, the VIX remains above 20, signaling continued instability.
As economic headwinds persist and trade tensions grow, investors, analysts, and strategists alike are bracing for continued volatility, driven less by market fundamentals and more by unpredictable policy shifts from Washington.
Bd-pratidin English/ Jisan
