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.

The U.S. stock market has lagged behind European indexes since Donald Trump returned to office in January, weighed down by confusion over the president's economic policies while European equities have been more stable due to a combination of factors,