Trump himself remained out of public view Monday as the Dow Jones Industrial Average fell more than 2% and the Nasdaq dropped 4% in its worst trading day since 2022.

President Donald Trump indicated that he's optimistic when asked about the current state of the economy on Tuesday after previously sidestepping questions about fears of a potential recession. Reacting to the growing fears of a tariff war,

Key Takeaways The S&P 500 is off to its worst start for a presidential term since 2009, when Barack Obama entered the White House in the midst of the global financial crisis.Traditionally defensive sectors have outperformed since Trump's inauguration amid growing concern that tariffs could usher in a period of stagflation.