US stock futures tumble indicating another plummet on Wall Street after Trump’s tariffs
US stock futures started the week with a significant decline on Sunday, indicating a continuation of the recent selloff triggered by the Trump administration’s tariff announcement. The market saw a drastic drop in equity values, with investors bracing for more turbulence as global trading partners respond to the harsh tariffs. The US S&P 500 E-minis, Dow E-minis, and Nasdaq 100 E-minis all opened lower on Sunday, with losses ranging from 3.8% to 4.6%.
Following Trump’s tariff announcement last week, the S&P 500 index experienced a 10.5% decline over two days, resulting in a loss of approximately $5 trillion in market value. This marked the largest two-day loss since March 2020. The subsequent slide on Thursday and Friday brought the S&P 500 down by more than 17% from its all-time high in February, inching closer to bear market territory.
“The bull market is dead,” according to Mark Malek, chief investment officer at Siebert Financial. While there may be some short-term gains in the coming days, the sustainability of these gains is uncertain.
The timing of the tariffs announcement coinciding with the start of the first-quarter earnings season has further contributed to the pessimistic outlook in the market. Treasury Secretary Scott Bessent, in an interview on NBC News’ “Meet the Press,” tried to paint the tariffs as a strategic move, stating that a recession is not expected.
Despite the current turmoil, some traders are hopeful for a potential market rebound. Chief investment strategist at Interactive Brokers, Steve Sosnick, believes that an upswing is likely at some point during the week, but the longevity of any rally remains uncertain.
There is speculation about the sustainability of any potential rally, with Chief Investment Officer at F/m Investments, Alex Morris, suggesting that a lasting rally may not materialize for several weeks as the market adjusts.
