After moving up in the afterglow of the 2024 US presidential election through inauguration day, U.S. stocks have retreated in the first 100 days of the Trump presidency.
After rising 2.4% between November 6 and January 21, the Morningstar US Market Index, which measures the performance of large-, mid- and small-cap stocks representing 97% of the U.S. investable universe, has fallen 7.3% from January 21 through the end of April. On the other hand, looking outside the U.S., the Morningstar Developed Markets ex-US Index rose 0.3% between U.S. election and presidential inauguration and rose another 8.8% from inauguration through April 30 market close.
Alex Bryan, CFA – Director of Equity Product Management, Morningstar Indexes
“As the U.S. threatened to retreat from global trade over the past few months U.S. stocks significantly lagged stocks outside the U.S., particularly those in other developed markets. From January 20, 2025, through April 29, 2025, the Morningstar US Market Index lagged the Morningstar Developed Markets ex-US Index by more than 16 percentage points, a significant reversal from 2024 when the Morningstar US Market Index led the Morningstar Developed Markets ex-US Index by more than 19 percentage points. Volatility was also markedly higher in the U.S. In fact, the Morningstar US Market Index registered higher levels of volatility than even the Morningstar Emerging Markets Index since January 20, 2025.”
You can find more insights on the markets in the context of the Trump administration in Sarah Hansen’s recent commentary – 9 Charts on Trump’s First 100 Days in the Markets.
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