SPX: S&P 500 Logs Worst 100-Day Start to a President’s Term Since 1973

Broad market index is down 7.3% since Inauguration Day, January 20. Trump, on the other hand, praised his work during his first 100 days and bashed Fed boss Jay Powell.

📉 Worst Start for Stocks in 50+ Years

• Trump may be rallying in Michigan — but Wall Street isn’t joining the celebration. Tuesday marked the 100th day of President Trump’s second term in office, and the scorecard is in: the stock market just posted its worst start to a presidency in over 50 years.
• The S&P 500 is down 7.3% since Inauguration Day on January 20, logging its worst 100-day stretch under any US president since Richard Nixon’s second term in 1973.

📊 Dow and Nasdaq Join the Slide

• The Dow Jones Industrial Average isn’t far behind, off 6.8% — also its worst performance to kick off a presidency in more than five decades as Trump’s tariffs are slashing growth forecasts left and right.
• Tech investors had it even worse. The Nasdaq Composite tumbled 11% during the period, marking the steepest 100-day decline under a new (or returning) president since George W. Bush’s first term in 2001 — right at the tail end of the dot-com bust.

🎤 Trump Talks Up Wins, Takes a Jab at the Fed

• Despite the red across the board, President Trump seemed unfazed. At a campaign-style rally in Michigan, he celebrated his work and talked up his administration’s early moves. He also took another swing at the Federal Reserve. “I have a Fed person who is not really doing a good job,” he said, a not-so-subtle jab at Fed Chair Jerome Powell.
• “I want to be very nice and respectful to the Fed,” Trump added, before undercutting the sentiment with: “You’re not supposed to criticize the Fed... but I know much more than he does about interest rates, believe me.”

⚠️ Policy Pressure Builds Again

• The sharp rhetoric follows weeks of escalating pressure from the White House toward the Fed. Trump has repeatedly blamed Powell for keeping rates too high and delaying cuts, which, in his view, are slowing down what could be “a booming economy.”
• Traders and investors, however, are increasingly focused on volatility stirred by tariff threats, trade friction with China, and shifting Fed independence — all themes weighing heavily on investor sentiment. And with Big Tech earnings rolling in this week, more clarity — or chaos — could be just around the corner.