S&P 500 +29.4% since inauguration
The S&P 500 closed at 7,757.17 on October 21, 2026, up 29.4% from 5,996.66 on January 17, 2025, the last close before President Trump took office on January 20, 2025 (markets were closed that day for Martin Luther King Jr. Day).
Closing prices from FRED as of , refreshed twice a day. Not investment advice.
Percent change from the last close before each inauguration, by days into the term. Trump’s second term is the thicker line.
Start is the last close before inauguration. Term high is the highest daily close since then. Max drawdown is the largest fall from a closing high to a later closing low.
| Index | Start | Latest | Term high | Max drawdown |
|---|---|---|---|---|
| S&P 500 | 5,996.66Jan 17, 2025 | 7,757.17+29.4% | 7,818.93Oct 6, 2026 | −18.9%Feb 19, 2025 – Apr 8, 2025 |
| Nasdaq Composite | 19,630.20Jan 17, 2025 | 26,702.86+36.0% | 27,599.89Oct 6, 2026 | −23.9%Feb 19, 2025 – Apr 8, 2025 |
| Dow Jones Industrial Average | 43,487.83Jan 17, 2025 | 52,856.09+21.5% | 54,349.12Aug 5, 2026 | −16.1%Jan 30, 2025 – Apr 8, 2025 |
| Bitcoin (Coinbase, USD) | $102,145Jan 19, 2025 | $84,134−17.6% | $124,720Oct 5, 2025 | −53.0%Oct 5, 2025 – Jun 30, 2026 |
Change from the last close before inauguration to the last close on or before day 639 of each term.
| Index | Trump, 2nd term | Trump, 1st term | Biden |
|---|---|---|---|
| S&P 500 | +29.4%to Oct 21, 2026 | +22.3%to Oct 19, 2018 | −1.2%to Oct 21, 2022 |
| Nasdaq | +36.0%to Oct 21, 2026 | +34.5%to Oct 19, 2018 | −17.7%to Oct 21, 2022 |
| Dow | +21.5%to Oct 21, 2026 | +28.9%to Oct 19, 2018 | +0.5%to Oct 21, 2022 |
| Bitcoin | −17.6%to Oct 21, 2026 | +610.6%to Oct 21, 2018 | −46.3%to Oct 21, 2022 |
The S&P 500’s deepest drop of the term so far, 18.9% from February 19, 2025 to April 8, 2025, ended days after the April 2, 2025 reciprocal tariff announcement. On April 9, when Trump paused the higher country-specific rates for 90 days for most trading partners other than China, the index rose 9.5% in one session.
Read more about the tariff actions and current rates on our Trump tariffs tracker.
As of October 21, 2026, the S&P 500 is up 29.4%, the Nasdaq Composite is up 36.0% and the Dow Jones Industrial Average is up 21.5% since the last close before Trump’s January 20, 2025 inauguration.
639 days into each term, the S&P 500 was up 29.4% in Trump’s second term, up 22.3% in Trump’s first term and down 1.2% in Biden’s term, each measured from the last close before inauguration.
The S&P 500’s largest peak-to-trough decline so far this term was 18.9%, from its close on February 19, 2025 to April 8, 2025, after the April 2, 2025 reciprocal tariff announcement.
U.S. stock markets were closed on Monday, January 20, 2025 for Martin Luther King Jr. Day, so the last close before the inauguration was Friday, January 17. For Bitcoin, which trades every day, the starting value is January 19, 2025. For the first-term and Biden comparisons the starting point is the close on January 19 of 2017 and 2021, the day before each inauguration.
Coinbase’s Bitcoin price was $84,134 on October 21, 2026, down 17.6% from $102,145 on January 19, 2025. Its highest daily value this term was $124,720 on October 5, 2025.
No. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average figures here are price indexes, so they leave out dividends. Total returns, which reinvest dividends, are somewhat higher over the same period.
Daily closing values from the Federal Reserve Bank of St. Louis (FRED), refreshed twice a day. Index levels are price indexes and exclude dividends. Past performance says nothing certain about future returns, and nothing on this page is investment advice.
TrumpInsight Editorial Team
News & Research Desk
Market figures are pulled automatically from FRED, the St. Louis Fed’s public data service, and compared on a consistent last-close-before-inauguration basis.
Jobs, inflation and growth since 2025
Tariff actions and current rates
Weekly national and regional averages
How much the debt has grown this term
What prices have done since inauguration
Daily average from recent national polls