The S&P 500 gained roughly 13% to 16% during the first year of Trump’s second term, notably underperforming the 24.1% surge recorded during the same window of his first term in 2017. This represents the weakest first-year performance for any new presidential term since George W. Bush’s second term in 2005. The index set 39 record highs compared to 62 during the same period in 2017. Global equities outside the US outpaced the S&P 500 during this period, marking a reversal from the American exceptionalism trade that dominated markets for much of the prior decade.
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