By Mackenzie Tatananni

President Donald Trump's first 100 days in office have been marked, in short, by volatility. Both uncertainty about his ever-changing tariff policies and fear that they could bring a recession have taken a toll on the market.

Early Tuesday afternoon, all three major U.S. indexes were nursing hefty losses since Inauguration Day on Jan. 20. The S&P 500 and Dow Jones Industrial Average have fallen 7.8% and 7.5% since then, respectively, marking the worst first 100 days in office since Richard Nixon's second term in 1973.

The tech-heavy Nasdaq Composite has declined 11.5% to date, marking the worst first 100 days in office since George W. Bush's first term in 2001.

This doesn't mean every stock is down. Some stocks have seen explosive gains over the past few months, even as the market declined.

One standout is the artificial-intelligence heavyweight Palantir Technologies, which topped the list of the S&P 500's best performers with a gain of nearly 61% since Inauguration Day. Palantir has gained from expectations for growth in its AI-powered software business as investors have bet that the stock will continue to rise despite a high valuation.

Palantir is a major contractor to the federal government, particularly the Department of Defense. Now that concerns about military funding cuts have largely subsided, Palantir is seen as having more room to grow in that market.

William Blair analyst Louie DiPalma wrote earlier this month that Palantir's software is a contender to power the Army's NextGeneration Command and Control platform. The analyst said he expects a contract announcement within the next few months.

While it isn't a close second, Philip Morris International, the owner of the Marlboro and Zyn brands, had gained 38%. The stock is considered resistant to tariffs because it generates most of its revenue outside the U.S. and its supply chains are largely regionalized.

The company's latest earnings helped reaffirm confidence in the stock. Though demand for cigarettes continues to fall worldwide, PMI's smoke-free business, which includes nicotine pouches and e-vapor products, remains strong. It accounted for 42% of total net revenue and 44% of total gross profit, driven by demand in Southeast Asia, the Middle East, and Africa, as well as parts of Europe.

On PMI's heels was Dollar General, up 35%. The retailer is also seen as tariff-resistant, though for different reasons. Dollar General primarily sells consumable goods like beauty supplies and cleaning products, which consumers tend to buy regardless of the economic climate.

Even if Dollar General has to raise prices as a result of Trump's tariffs, the company may be able to do so because its rivals are likely to do the same, Citi Research analysts have argued. They say competitors such as Walmart are also expected to transfer higher costs to consumers.

Mining stock Albemarle had fallen 39%. The stock got crushed in 2024 as its sales and revenue declined along with the price of lithium. The miner also has eight facilities in China, which places it on the front lines of Trump's trade war.

Teradyne had plunged 46% over Trump's first 100 days. The company produces automated test equipment for semiconductors and counts Qualcomm and Texas Instruments among its customers. The stock price has been battered by changes to management's financial guidance and concerns around tariffs and trade restrictions.

In March, the company said it anticipated short-term volatility in its semiconductor testing business, a point that was reaffirmed in the latest earnings report on Monday. CEO Greg Smith noted that management has limited ability to predict business conditions in the second half of the year, saying "the impact of trade policy on end market demand is still in flux."

Seeing the steepest decline was Deckers Outdoor, which fell 48%. The maker of Hoka sneakers and other footwear has been a notable laggard since last year. It rounded out the March quarter as the worst performing stock in the S&P 500.

The stock pulled back 21% in February alone after fiscal third-quarter earnings revealed a narrowing gross margin. Worsening consumer sentiment is also weighing on shares as investors worry that shoppers will spend less on nonessential goods.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 29, 2025 13:25 ET (17:25 GMT)

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