- U.S. stock futures tanked Sunday night, with S&P 500 futures dropping over 4.10%, Nasdaq futures falling more than 5.8%, and Dow Jones Industrial Average futures declining 4.1% (over 1,500 points), as markets braced for further fallout from President Trump’s tariff policies.
- Wall Street’s worst week since the pandemic saw over $5 trillion in value erased, pushing the Nasdaq Composite into a bear market (down more than 20% from its peak), the S&P 500 near that threshold, and the Dow into correction territory amid Trump’s 10% baseline tariffs and additional duties on “bad actors.”
- Despite global retaliation from China and the EU, and JPMorgan’s recession forecast, Treasury Secretary Scott Bessent defended the tariffs, dismissing economic downturn fears as the administration presses forward with its trade agenda.
Wall Street faces a grim Monday as U.S. stock futures cratered Sunday night, with S&P 500 futures diving over 4.10%, Nasdaq futures shedding more than 5.7%, and Dow futures tumbling 4.1% – equivalent to a 1,500-point drop – signaling deepening unease over President Trump’s unrelenting tariff agenda. The markets are still reeling from a brutal week, the worst since the pandemic’s onset, where over $5 trillion in value evaporated as Trump’s sweeping duties – a baseline 10% on most trading partners, effective over the weekend, with steeper tariffs on “bad actors” slated for Wednesday – ignited a historic sell-off. The Nasdaq Composite (^IXIC) has already crossed into bear market territory, down more than 20% from its recent peak, while the S&P 500 (^GSPC) edges nearer to that brink and the Dow (^DJI) languishes in correction territory, reflecting the swift erosion of investor confidence.
Trump’s tariff blitz, showing no signs of retreat despite global pushback, has triggered a cascade of international responses, with China rolling out retaliatory measures and the EU poised to follow suit, amplifying the economic strain. Treasury Secretary Scott Bessent, appearing on Sunday talk shows, brushed off recession fears, standing firm in defense of the administration’s strategy, even as JPMorgan (JPM) broke ranks among major U.S. banks to forecast a 60% chance of a U.S. recession by spring—a stark reversal from earlier projections of robust growth. The futures’ plunge – 4.10% for the S&P 500, 5.8% for the Nasdaq, and 4.1% for the Dow – underscores a market grappling with the reality of disrupted trade flows and heightened uncertainty, a far cry from the stability once anticipated. With over $5 trillion already wiped out and the Nasdaq’s bear market status confirmed, the U.S. economy stands at a pivotal juncture, its trajectory now hostage to Trump’s aggressive trade gambit and the world’s reaction.
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