The S&P 500 has seen sharp swings since Donald Trump’s return to the presidency in November 2024. After hitting a record high of 6,144 on 19 February 2025, the index dropped over 17%, briefly entering bear market territory on 7 April.
Markets initially rallied post-election on hopes of pro-business policies. But Trump’s tariff actions—starting with 25% levies on Canada and Mexico, followed by reciprocal tariffs on other nations—sparked investor concern. The intraday low of 4,835 marked a 21% drop from the peak.
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A partial rebound followed on 9 April after Trump paused tariffs for non-retaliating countries. The S&P 500 closed at 5,457, still down 11% from its high.
This period highlights the impact of trade policy on investor sentiment and market direction.
According to data from TradingView, here are S&P 500’s prices from October of 2024 to April 9th, 2025.
1. November 5, 2024 – Trump wins U.S. presidential election
- S&P 500 Closing Price: 5,783
- Decline from Peak: Not applicable
Trump’s election victory marked the beginning of a new economic direction. His campaign focused on reshaping global trade agreements and introducing protective tariffs, which later impacted market sentiment.
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2. February 19, 2025 – S&P 500 hits all-time high
- S&P 500 Closing Price: 6,144
- Decline from Peak: 0.0%
Despite uncertainty, the index climbed to a record high. Investor optimism was supported by strong corporate earnings and resilient economic indicators. However, this marked the last high point before a sharp downturn.
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3. March 4, 2025 – Canada and Mexico face 25% tariffs
- S&P 500 Closing Price: 5,778
- Decline from Peak: -6.0%
The implementation of a 25% tariff on goods from Canada and Mexico signalled a new phase in U.S. trade policy. The move raised fears of retaliatory actions and global supply chain disruptions, leading to the first notable market dip.
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4. April 2, 2025 – Trump announces reciprocal tariffs
- S&P 500 Closing Price: 5,670
- Decline from Peak: -7.8%
Trump announced that the United States would apply reciprocal tariffs to countries with higher import duties on U.S. goods. This escalation triggered concern across international markets and led to continued downward pressure on the index.
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5. April 7, 2025 – Market hits bear market intraday low
- Intraday Low: 4,835
- S&P 500 Closing Price: 5,062
- Decline from Peak: -17.7%
The S&P 500 briefly fell into bear market territory, defined as a 20% drop from its peak. The market closed 17.7% below the February high, reflecting deepening anxiety about trade tensions and economic slowdown.
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6. April 9, 2025 – Trump pauses tariffs for some countries
- S&P 500 Closing Price: 5,457
- Decline from Peak: -11.2%
Trump’s announcement of a 90-day pause on tariffs for countries that do not retaliate brought temporary relief. The market partially recovered, indicating a possible easing of trade tensions, but uncertainty remains.
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