U.S. President Donald Trump’s favorite report card on his presidency may be failing him at a critical moment.
U.S. stocks have fared well since Trump took office, a fact he has repeatedly touted, but have stumbled badly in October. The S&P 500 .SPX is down 7.6 percent and on course for its biggest monthly drop of Trump’s presidency with fewer than two weeks before voters determine whether his Republican Party retains control of Congress.
Republicans have emphasized Trump’s stewardship of the economy and recent record stock market highs in their campaigns. It is unclear whether a last-minute market drop will be a persuasive factor for voters.
A Reuters/Ipsos poll conducted the week ended Oct. 16 found 51 percent of respondents approve of Trump’s handling of the economy, compared with 45 percent who approve his job performance overall.