Some observers have noted the recovery in equity prices post-“Liberation Day”. This is an accurate characterization for SP500 (and DJ30), but not for indices pertaining to smaller firms, like the Russell 2000.

As of 23 May, the Russell 2000 is down about 1% from April 1st, the day before “Liberation Day”, and down 11.9% from January 21st, the day after inauguration day.

Small business optimism is down 7.8% in April, relative to January.

Source: NFIB (May 2025).