Bar chart of the average S&P 500 move on each Fed chair's first three Fed Days. Bernanke up 0.44%, Yellen up 0.15%, Powell down 0.43%, Warsh down 1.05%. The index rose 0.27% on October 28.

The S&P 500 fell an average of 1.05% on Kevin Warsh's first three Fed Days as Fed chair.

That's the weakest start for any of the last four Fed chairs.

Here is the average S&P 500 move on each chair's first three Fed Days.

  • Bernanke in 2006 +0.44%

  • Yellen in 2014 +0.15%

  • Powell in 2018 -0.43%

  • Warsh in 2026 -1.05%

Under Warsh, the index fell 1.21% on June 17, 1.51% on July 29 and 0.44% on September 16.

His fourth Fed Day broke the pattern, with the S&P 500 up 0.27% on Wednesday.

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Investors gave the new chair a rough welcome, and it took four meetings to get a green Fed Day.

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Phil Rosen
Phil Rosen

Phil Rosen is co-founder and CEO of Opening Bell Media and chief market strategist for Silvia Inc. (NASDAQ: SVIA). He hosts Full Signal and writes Opening Bell Daily — the markets briefing read by over 200,000 investors and published on Bloomberg Terminals — and has also published two books and won a Fulbright award for his reporting. Contact him at [email protected].

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