The S&P 500 has experienced a 14% decline since President Trump's inauguration, marking the worst start to a presidency since 1928. This underperformance contrasts with a 3.2% average rise in global country-level ETFs. Trump's "America First" policies and unpredictable trade actions have fueled market uncertainty. European stocks, particularly in Germany, have seen gains, partly fueled by increased defense spending plans in response to Trump's stance on NATO. The initial market euphoria surrounding Trump's promises has reversed, resulting in significant losses for US stocks.

Prepared by Christopher Adams and reviewed by editorial team.