CNN data guru Harry Enten broke down a grim new record set by President Donald Trump.
Enten said Tuesday on CNN that the S&P 500 has plummeted the most under Trump’s presidency at this point than any other president since the index was created in 1957. This comes as Trump’s tariffs have shocked the U.S. stock market as global economies continue to reel from his new taxes.
“So, let’s take a look over the whole stretch of the Trump presidency as we approach day 100. The S&P has dropped the most under Trump for any president at this point in their presidency since the S&P 500 was in fact created back in 1957,” Enten said on Tuesday.
“And, indeed, it is not anywhere close, folks, it’s not anywhere close. Under Trump, it’s dropped, get this, 14 percent. The next closest one was George W. Bush back in 2001, a drop of just half that at 7 percent.”
“No other elected president at this point in their presidency saw a drop of 5 percent or more. So, Donald Trump is on a planet all by himself, a planet you do not want to be on, the American people don’t want to be on in terms of the drop in the S&P 500 approaching 15 percent already in his presidency, no bueno,” he continued.
Enten noted that there is a high chance of a recession in 2025.
“That’s a bunch of numbers on your screen, but they’re all basically telling these same exact story, that is on either side of 50 percent, there’s basically a 50-50 chance of a recession at this point. And that is way up from where we were at the beginning of the Trump presidency when the numbers, simply put, weren’t anywhere near this,” he said
“The bottom line is that Trump’s tariff wars have taken what was a pretty gosh darn good economy and turned into a very uncertain economy, one in which the stock market has fallen, and one in which the chance of a recession has gone up considerably,” he continued.
He warned that Americans will also likely blame Trump for the flailing economy as the president continues to blame former President Joe Biden.
“But still here, the clear majority of Americans say that if in fact there is a recession in the next 12 months, which at this point looks about 50-50, the majority of the American public says that the buck will stop at the White House, stop at 1600 Pennsylvania Avenue, and Donald Trump will not, in fact, be able to escape blame if there is in fact a recession,” he said.
The S&P 500 was 2% higher in morning trading and on track to recover most of Monday’s drop. The Dow Jones Industrial Average was up 765 points, or 2%, as of 10:45 a.m. Eastern time, and the Nasdaq composite was 2.2% higher.
The value of the U.S. dollar also stabilized after sliding against the euro and other competitors, while Treasury yields held steadier. Sharp, unusual moves in those markets have recently raised worries that Trump’s policies are making investors more skeptical that U.S. investments still deserve their reputations as the world’s safest.
The only prediction many Wall Street strategists are willing to make is that financial markets will continue to jerk up and down as hopes rise and fall that Trump may negotiate deals with other countries to lower his tariffs. Otherwise, many investors expect the economy to fall into a recession.
The International Monetary Fund on Tuesday slashed its forecast for global economic growth this year to 2.8%, down from 3.3%. But Vice President JD Vance also said he made progress with India’s prime minister, Narendra Modi, on trade talks Monday.
The Associated Press contributed to this report.
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