LIVE MARKETS-Trump's market boast fades as stocks tumble

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TRUMP'S MARKET BOAST FADES AS STOCKS TUMBLE

Last week, U.S. President Donald Trump boasted in his State of the Union speech about the stock market's multiple record highs since he began his second term 13 months ago. He's unlikely to boast about the market's performance this week.

The S&P 500 has declined 1.6% in the five trading days since the U.S. and Israel launched their war against Iran last Saturday, putting the benchmark on track for its worst week since November. Overall, the index has fallen about 3% from its record high close on January 27, with investors worried about pricey valuations of AI-related stocks as well as potential inflation caused by this week's spike in oil prices, the steepest since 2020.

With its recent dip, the S&P 500's performance during Trump's second term has also diminished. In the 410 days since Trump's second inauguration on January 20, 2025, the S&P 500 is up 13%, about the same as during the first 410 days of President Joe Biden's term, which began in 2021 in the midst of the COVID pandemic.

The S&P 500's performance so far in Trump's second term is far short of the 20% gain it saw at the same number of days into his first term. It pales even more beside the stock market gains enjoyed by President Barack Obama 410 days into both of his terms. The S&P 500 was up over 40% in the first 410 days into Obama's first term.

(Noel Randewich)

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