The stock market’s lackluster performance under Trump only ranks ahead of the starts of Franklin D. Roosevelt’s terms in 1933 and 1937, during the depths of the Great Depression. It also outstrips both Ford and the start of Nixon’s second term in 1973, when the U.S. confronted another economic crisis in the form of stagflation.

Trump’s second term begins with a 7.2% market drop—the worst since 1974—driven by chaotic tariff policies, investor pullback, and tumbling tech stocks.