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.

We're just past the 50-day mark of Trump 2.0, and already the S&P 500 is on the cusp of its first 10% correction since late 2023. That's a starkly different start to the second Trump Administration than what many investors had expected,