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President Donald Trump has been celebrating 100 days in office. So how have the markets performed? The S&P 500 (^GSPC) posted a 7% decline over the first 100 days. Bitcoin (BTC-USD) and oil (CL=F) have slipped, too. But one asset that has risen? Gold (GOLD) as investors sought safety during the recent market volatility. Piper Sandler chief investment strategist Michael Kantrowitz says that the issue is that markets are still adjusting to the high tariffs imposed by the president.
Market Domination Overtime Anchor Julie Hyman takes a closer look at the market returns under the first 100 days of Trump 2.0.
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Well, we have hit the 100 day mark of Trump 2.0 and we've been looking at the returns during this first 100 days in our chart of the day here. Almost everything is in the red. That's the short version of what we're talking about. But let me run through the numbers specifically. We've got WTI crude down 25%. Now that is something that could potentially be positive, certainly for consumers. It's one of the areas of relief here is gasoline prices even in the face of the sort of bracing for tariffs that we're seeing in the markets. But magnificent 7 for the people who own that in their portfolio, which is, let's face it, almost everybody. That has been painful down 17.1%. If you look at the total return for treasuries, if you were looking for safety there, that is incorporating both yield and price, you've got a negative 10% return there. What about Bitcoin? Are you looking at hedge with Bitcoin? Nope, no luck there, down 9.6%. How about the US dollar? Nope, down 8.9% in that realm, and the S&P 500 itself down 7.1%. We know that the S&P has come back quite a bit from its lows earlier this month, but is still lower since inauguration day. The one major asset class that has risen has been gold, which is up by 20%. Now, we of course have discussed a lot what happens from here after all of these negative returns and we were talking to Michael Kantrowitz of Piper Sandler at the top of the show and he sees headlines continuing to dominate assets for the at least foreseeable near future, right? He says we could see a cushion to downside in stocks in particular if we do get some trade deals start to come out here. Um, however, he's not optimistic and most of the folks we were talking to are not terribly optimistic even if he or folks like Mark Newton think that the lows have been put in for stocks. Now, as for gold, the sort of inverse is true. We talked to James Steel of HSBC earlier in the week. He is their senior precious metals analyst there and he said we will continue to also see headlines kind of dominate the gold trade here. And if we do get a big relief on tariffs, that could mean a stalling out for gold prices at these levels. But this is the legacy here of the first 100 days of this administration, Josh.
Thank you, Julie.