U.S. stock futures nosedived Monday morning as markets brace for more fallout from President Trump’s aggressive new tariffs. The S&P 500, Nasdaq 100, and Dow futures all fell between 4%–5%, extending a massive two-day sell-off that already wiped over $5 trillion from the market.
The Nasdaq is officially in bear market territory, oil prices dropped below $60, and global markets are also sliding as concerns grow that Trump won’t back down. He said Sunday that markets may need to “take medicine,” but denied trying to crash stocks.
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New 10% tariffs kicked in over the weekend, with more coming Wednesday. China and the EU are already preparing countermeasures. Meanwhile, JPMorgan became the first major bank to forecast a U.S. recession later this year, citing the tariffs’ economic impact.
Trump officials defended the moves, claiming negotiations are underway with over 50 countries, though the administration insists the tariffs will stay in place for “days and weeks.”
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