President Donald Trump took to Truth Social on Wednesday to distance himself from the current state of the stock market, reminding followers, “This is Biden’s Stock Market, not Trump’s.”
Trump, who began his term on Jan. 20, said the current downturn “has NOTHING TO DO WITH TARIFFS” and pointed instead to what he called the lingering “Biden overhang.”
“Be patient!” Trump added, asserting that a boom is coming once the hangover from the previous administration clears. He also claimed companies are “starting to move into the USA in record numbers,” citing optimism around his economic plans— especially tariffs, which he said “will soon start kicking in.”
The former president’s post comes as the S&P 500 has declined 7.92% over the past three months. Consumer Discretionary stocks have seen the steepest drop, down 13.8%, while Technology shares have fallen nearly 10%. Even the Energy sector, which Trump has vocally supported, is down 7.77% in the same period.
Only Consumer Staples (+2.90%) and Utilities (+3.34%) have managed gains during this stretch.
Year-to-date, the SPDR S&P 500 ETF SPY is down over 7%, retreating from a 52-week high of $613.23 to trade at $543.29 as of April 30.
Trump made no mention of specific stock sectors or companies but emphasized that the current trajectory would shift, saying, “when the boom begins, it will be like no other.”
Read Next:
Photo: noamgalai via Shutterstock
Market News and Data brought to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Add Comment