2024
Donald Trump wins reelection
Trump makes a momentous political comeback, breaking through the “blue wall” to win 312 electoral votes. Trump becomes only the second US president in history to be elected to non-consecutive terms, following Grover Cleveland (the 22nd and 24th US president).
The “Trump bump”
The stock market soars on Wall Street’s expectations for a pro-business Trump administration that will cut red tape and boost economic activity.
Nov 6
2024
Bitcoin crosses $100,000
Bitcoin, the world’s largest cryptocurrency, surpasses $100,000 for the first time ever, signaling optimism about a “Trump bump” that will boost investments associated with Trump’s agenda.
The US stock market opens for the New Year
After the S&P 500 gained 23% across 2024, and 24% across 2023, investors are unsure whether the good times can keep rolling. Yet hopes for a pro-business boom under Trump’s second term keep spirits elevated on Wall Street.
Jan 2
2025
Inauguration Day
The market is closed for MLK Day
Trump’s inauguration as the 47th US president coincides with Martin Luther King, Jr. Day, a federal holiday, when the US stock market is closed.
Trump announces tariffs but market rallies
The stock market rallies on the first day of trading during Trump’s presidency.
Trump said in an Oval Office signing ceremony that his administration would levy a 25% tariff on Mexico and Canada starting February 1.
Analysts at Morgan Stanley said in a note that Trump’s focus on tariffs so early in his term is a reminder that “vigilance is warranted” as markets try to keep track of Trump’s flurry of policy decisions.
Jan 21
2025
Trump signs executive order on tariffs
Trump signs the first executive order laying out a plan to impose tariffs: 10% on China and 25% on Mexico and Canada.
Markets react to Trump’s tariff announcement
Stocks slide after Trump announces his plan for tariffs, signaling that investors are nervous about how tariffs might impact economic growth and distort the outlook for the market.
Feb 3
The S&P 500 closes at an all-time record high
The stock market gains modestly and the S&P 500 closes at an all-time record high. During Trump’s first 100 days, the index never gets higher than this point.
Feb 19
Bitcoin slides below $80,000 for first time since November
Bitcoin tumbles as low as $78,250, falling below the $80,000 threshold for the first time since November. Cryptocurrencies are highly volatile.
Feb 28
Trump’s tariffs go into effect
Trump’s 25% tariffs on Canada and Mexico go into effect, while the tariff on China rises to 20%.
The market fluctuates as investors are unsure how to respond to tariffs.
Many investors had thought tariffs would just be a bargaining tool, as opposed to full-fledged policy.
Mar 4
Markets react to higher tariffs
The S&P 500 slides 1.2%, erasing all gains since Trump was re-elected.
The “Trump bump” that gave a boost to stocks after Trump’s election evaporates as the S&P 500 closes at its lowest level since November.
Mar 4
Analysis: Why do markets hate tariffs?
Trump’s tariffs threaten to upend the global economy and disrupt a deeply intertwined international trading system.
Tariffs are a tax on imported goods, meaning businesses that rely on international supply chains could see an increase in costs. Tariffs can raise expenses for consumers because that tax is often passed on in the form of higher prices. Tariffs also deter international trade and global economic growth.
High tariffs can contribute to weak consumer sentiment and higher inflation, both of which can negatively impact the economy. Tariffs complicate business decisions and hamper growth, stoking uncertainty for investors who much prefer a stable business environment with robust economic growth.
“I’m not even looking at the market.”
– Trump during remarks at the White House. Mar 6
Markets tumble in response to tariffs
US stocks open sharply lower but fluctuate on mixed messaging from the White House. The market closes lower.
The tech-heavy Nasdaq Composite Index enters correction territory, down more than 10% from its record high in December. A correction is a Wall Street term for falling 10% or more from a recent peak.
“Extreme fear” has been the sentiment driving investors for the past week, according to CNN’s Fear and Greed Index.
Mar 6
Trump declines to rule out recession
In an interview on Fox News, Trump said the US economy would see “a period of transition” and refused to rule out a recession.
When asked on Fox News if he was expecting a recession this year, Trump said “I hate to predict things like that. There is a period of transition because what we’re doing is very big.”
Mar 9
Stocks see biggest one-day loss for the year to date
The S&P 500 drops 2.7% and the Dow drops 2.08% in one day, both recording their steepest one-day loss so far in 2025.
The Nasdaq records its biggest single-day decline since 2022.
It is a sign that investors are growing increasingly nervous about how tariffs might impact economic growth.
Mar 10
2025
Correction territory
The S&P 500 closes in correction territory (down 10% or more from a record high) for the first time since 2023.
“No, I’m not going to bend at all on aluminum or steel or cars. We’re not going to bend. We’ve been ripped off as a country for many, many years.”
– Trump to reporters in the Oval Office speaking about the 25% tariffs on steel and aluminum. Mar 13
Volatility persists as Wall Street tries to assess tariffs
Treasury Secretary Scott Bessent said on CNBC that he is not concerned about “a little bit of volatility over three weeks.” Bessent said the Trump administration is focused on the “real economy” and the outlook for the long term.
Mar 13
Dow posts worst week since 2023
US stocks surge but all three major indexes still finish the week in the red. Trump’s budding trade war continues to send jitters through markets, causing another volatile week on Wall Street.
The Dow posts its worst week since 2023.
Mar 14
Bessent takes calm tone about market volatility
Treasury Secretary Scott Bessent tells NBC News that he is “not at all” worried about recent drops in the stock market.
Mar 16
“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy. They’re normal. What’s not healthy is straight up.”
– Bessent on NBC News
Stock market records worst quarter since 2022
The first quarter of the year ends. The S&P 500 posts its worst quarterly performance since 2022 as investors are fed up with the uncertainty and volatility created by Trump’s back-and-forth decisions on his tariff policy.
Mar 31
2025
Trump’s “Liberation Day”
Trump’s “Liberation Day”
Trump unveils his “Liberation Day” tariffs after the closing bell. Trump announces his plan for “reciprocal” tariffs during a ceremony at the White House. He holds up a chart depicting massive tariff rates on dozens of countries.
Stock futures begin to plummet during his announcement speech as investors realize that his tariff plan was not a bargaining chip and the plan is much more aggressive and unprecedented than anticipated.
Global markets plunge in response to Trump’s tariffs
US stock futures plunge. Dow futures drop more than 1,100 points, or 2.7%. Markets in Asia also tumble.
“The markets are going to boom, the stock is going to boom, the country is going to boom. And the rest of the world wants to see if there’s any way that they can make a deal, they’ve taken advantage of us for many many years, for many years we’ve been at the wrong side of the ball, and I tell you what, I think it’s going to be unbelievable.”
– Trump speaking on the South Lawn of the White House Apr 3
Stocks drop as investors digest Trump’s tariffs
Wall Street is rattled by a steep sell-off as investors try to make sense of Trump’s escalating trade war.
Nasdaq closes in a bear market as China retaliates against Trump’s tariffs
US stocks are battered by another deep sell-off after China retaliates against Trump’s tariffs in a tit-for-tat that escalates the global trade war.
The Dow plunges by 2,231 points, or 5.5%. The S&P 500 drops 5.97%. The Nasdaq slides 5.82%.
The Nasdaq closes in a bear market — down more than 20% — for the first time since 2022.
Apr 4
Market slumps to lowest level of the year as fear on Wall Street spikes
Skittishness is pervasive on Wall Street as the S&P 500 drops to its lowest level this year. It is the lowest point of Trump’s first 100 days.
Wall Street’s fear gauge spikes to its highest level this year. CNN’s Fear and Greed index slumps to its lowest level this year.
Apr 8
BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!
Source: Truth Social
THIS IS A GREAT TIME TO BUY!!! DJT.
Source: Truth Social
Pause on tariffs
Trump unveils a 90-day pause on most reciprocal tariffs
The stock market skyrockets after Trump announces a 90-day pause on most “reciprocal” tariffs.
Markets rebound on 90-day tariff pause
Trump announces a 90-day pause on most “reciprocal” tariffs, with the exception of China.
After waiting for any sign that Trump might shift his approach to the punitive tariffs, investors finally dive in and stocks skyrocket. It is the biggest single-day gain for the S&P 500 since 2008 and also the third-biggest one-day surge in modern history.
Despite the historic rally, the market is still well below the level it was at before Trump announced his reciprocal tariffs on April 2.
Bond market freaks out
In the days before Trump announces a 90-day pause on most tariffs, Treasuries sell off in a worrying sign for the stability of US financial markets.
Typically, when investors sell off stocks in times of crisis, they pile into Treasuries, seeking the safety of an asset backed by the US government.
Yet as stocks decline, investors abruptly sell off Treasuries, raising questions about how much they value the promises made by the US government to pay its debts.
The sell-off is so abnormal that it spooks the White House.
While Trump didn’t blink over drops in the stock market, a historically volatile and rare sell-off in US government bonds raised concerns among market watchers and likely led to him backing down on most tariffs.
Apr 9
“The bond market is very tricky…I saw last night where people were getting a little queasy.”
– Trump’s remarks on the bond market to reporters
Stocks slump again as reality sets in
The stock market tumbles again as the White House clarifies its plan for a massive 145% tariff on China, escalating the trade war.
The Dow, after rising nearly 3,000 points the day before, falls 1,015 points.
It is becoming increasingly apparent that volatility will be a mainstay in the markets due to Trump’s tariff policy.
Apr 10
Apple is rattled by the trade war
Apple, an icon of American business, is one of the hardest hit companies by the US-China trade war.
Apple relies extensively on international supply chains and factories based in China. Tariffs would disrupt Apple’s business model.
Apple’s stock (AAPL) has tumbled this year.
Apr 11
Exemptions on some key tariffs
Exemptions for tariffs on smartphones, computers and various electronics are posted in a note on the Federal Register.
Consumer sentiment plunges to second-lowest level on record
Americans are extraordinarily pessimistic about the economy.
Consumer sentiment plunged 11% this month to a preliminary reading of 50.8, according to the University of Michigan’s latest survey.
It is the second-lowest reading on record going back to 1952. April’s reading was lower than anything seen during the Great Recession.
NOBODY is getting “off the hook” for the unfair Trade Balances, and Non Monetary Tariff Barriers, that other Countries have used against us, especially not China which, by far, treats us the worst! There was no Tariff “exception” announced on Friday. These products are subject to the existing 20% Fentanyl Tariffs, and they are just moving to a different Tariff “bucket.”
Source: Truth Social
Apr 13
Stocks rebound on tariff exemptions
US stocks rise as traders rally on the Trump administration’s exemption for tariffs on smartphones, computers and various electronics imported from China.
While stocks gain, confusion lingers about the trade war with China. Commerce Secretary Howard Lutnick said the exemptions for electronics are only a temporary reprieve. Those products will face separate levies, according to Lutnick.
Apple stock gains a modest 2.2% that day.
Apr 14
Fed Chair Jerome Powell offers stark warning on tariffs
Federal Reserve Chair Jerome Powell offers a stark warning about the economic impact of Trump’s tariffs, saying they could contribute to inflation and drag on economic growth. That would complicate the Fed’s ability to make decisions on whether it should cut its benchmark interest rate.
The Fed’s interest rate underpins the cost of borrowing in the US economy.
Apr 16
Powell’s termination cannot come fast enough!
Source: Truth Social
Trump bashes Powell on social media, spooking investors
Trump lashes out at Fed Chair Powell for not cutting interest rates fast enough.
The Fed operates independently from politics and sets its interest rate without political influence. It is a massive break from the norm for a president to try to control Fed policy — but this is far from the first time Trump has challenged Powell.
Trump nominated Powell to be Fed chair in 2017 but has long bickered with him over interest rates.
Apr 17
Markets tumble, US dollar hits three-year low as Trump attacks Fed chair Powell
Stocks swoon as Trump levies complaints against Powell, raising concerns that the White House might try to undermine the Fed’s independence.
The US dollar index, which measures the dollar’s strength against six major foreign currencies, tumbles to its lowest level in three years as Trump bashes the Fed chair.
Apr 21
Gold prices hit record high
Gold briefly hits a record high above $3,500 a troy ounce.
Gold has soared this year amid broad uncertainty about the outlook for the global economy. The yellow metal is historically a haven during times of economic and geopolitical uncertainty.
Apr 22
Bessent says US-China trade war is “unsustainable”
Markets rebound as Treasury Secretary Scott Bessent tells a private investor summit hosted by JPMorgan Chase that the trade war with China is “unsustainable” and he expects a de-escalation in trade tensions, a source familiar with the discussion confirmed to CNN. Bloomberg News first reported the event.
Apr 22
Trump walks back attack on Powell
Trump tells reporters in the Oval Office that he has “no intention” of firing Fed Chair Powell, a stark reversal after saying his “termination cannot come fast enough!” on social media just days before.
Stocks push higher as Trump signals U-turn on Powell, China trade war
A day after markets rise on comments from Bessent that the US-China trade war is unsustainable, US markets gain again.
Top administration officials were relieved by Trump’s Oval Office statement that he has no intention to fire Powell, people familiar with the matter told CNN. The officials had become unnerved by the heated rhetoric and wary of a prolonged legal battle should Trump attempt to unseat the Fed chair.
The Dow closes higher by 420 points, or 1.07%. The broader S&P 500 gains 1.67% and the tech-heavy Nasdaq Composite rises 2.5%.
Apr 23
Relief rally takes shape on Wall Street as Trump softens tone on China
The S&P 500 posts its first four-day rally since January as investors await the next move in the US-China trade war. The S&P 500 is still 2.57% lower than where it was before Trump announced his “reciprocal” tariffs on April 2.
Apr 25
The S&P 500 rallies
The S&P 500 and Dow post a six-day winning streak, which is their best streak this year.
Trump signs an executive order and a proclamation to ease some aspects of auto tariffs.
Apr 29
