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Here’s a headline today from the Wall Street Journal, the preeminent business publication in the United States: “Dow Headed for Worst April Since 1932 as Investors Send ‘No Confidence’ Signal.”
And here’s a paragraph from that story (bolding is mine):
The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data. The S&P 500’s performance since Inauguration Day is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.
And here’s a chart from that story:
I mean, that is a devastating one-two-three punch for Donald Trump.
Remember that this is a president who was expressly elected on a promise to revive the economy via lower prices on everyday goods and defeating inflation. (Among voters in the 2024 election who cited the economy as the most important issue in deciding their candidate, Trump beat Kamala Harris 81%-18%.)
And, in the space of the first three months of his time in office, Trump — through his haphazard application of tariffs, his repeated attacks on Federal Reserve Chairman Jerome Powell, the overall uncertainty he has injected into the economy — has not only watched as the markets have stumbled badly but also as the public’s confidence in him has eroded rapidly.
Let’s be plain: EVERY economic indicator — the stock market, the bond market, the price of the dollar (which hit a three-year low Monday) — is flashing red. 🚨
The question now is what, if anything, can or will Trump do about it? If I am a Republican elected official on the ballot next year, my palms are sweaty, knees weak, arms are heavy.
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