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.

President Donald Trump's administration is expected on Friday to move ahead with a second wave of mass firings and budget cuts across the U.S. government, just one day after two federal judges ordered the reinstatement of thousands of workers.

Two different judges found the government didn’t follow the proper legal procedure in mass firings of probationary employees.

Treasury Secretary Scott Bessent said market volatility doesn't matter much as the Trump administration focuses on long-term economic success.

Treasury Secretary Scott Bessent on Thursday played down the recent weakness in the stock market, saying the White House was focused on the long term. “I’m not concerned about a little bit of volatility over three weeks,