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The first 50 days of Donald Trump’s presidency have caused serious turmoil in the US financial markets. US stocks plummeted, showing their worst performance since 2009. According to Market Watch, on Monday, 10 March, the S&P 500 index fell by 2.7%, the Dow Jones by 2.1%, and the tech Nasdaq by 4%, the largest one-day decline since 2022.
The financial downturn was caused by the president’s customs policy, which threatens to escalate into a global trade war. Since Trump’s inauguration on 20 January, the stock market has been on a steep decline: The S&P 500 has lost 6.4%, the Nasdaq – 11%, and the Dow Jones – 3.6%. The VIX index, known as Wall Street’s “fear gauge”, has also risen significantly, exceeding 27.84, indicating a high level of volatility.
Along with the market, the world’s richest people are losing their wealth, including the billionaires who attended Trump’s inauguration. Elon Musk suffered the biggest losses, with his net worth falling by $148 billion, due not only to the stock market’s decline but also to a decline in Tesla sales after his scandalous gesture. Jeff Bezos (-$29 billion), Mark Zuckerberg (-$5 billion) and Sergey Brin (-$22 billion) also suffered significant losses.
The economic situation in the US remains unstable. Experts estimate that the country’s GDP may show a decline in the first quarter of this year. The economy is expected to shrink by 2.8% year-on-year.
