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Global financial markets spiraled into chaos on Monday as a three-day selloff intensified, wiping out approximately $9.5 trillion in equity value and plunging major indices into bear market territory, a Bloomberg report said. The trigger: US President Donald Trump‘s aggressive new round of tariffs and an equally defiant stance on the fallout. With recession fears escalating, investors rushed for safety, driving up Treasuries and the yen, while equities, commodities, and crypto all tumbled sharply.
European stocks sank to 16-month lows, and Asia marked its worst session since the 2008 financial crisis. The Nasdaq entered a bear market last week and the Dow is close behind. “It starts to feel as if the market is getting into a ‘sell now, ask questions later’ kind of mood,” Stephan Kemper, investment strategist at BNP Paribas Wealth, told Bloomberg.
Over in midtown Manhattan, Jay Hatfield, the CEO of Infrastructure Capital Advisors, was feeling much the same, just with a large dose of anger mixed in. “This is unambiguously stupid.” He calls the big tariff chart that Trump brandished at the ceremony last Wednesday “the chart of death,” and when he saw it, told himself to check his anger and just focus on unloading risky assets. By the end of Friday, he had cut about 40% of them from the mutual funds he manages.
An article in Bloomberg titled Trump’s Tariff ‘Chart of Death’ Has Wall Street Facing Harsh Reality
Here are ten of the most staggering numbers from around the globe:
- $2 trillion: Collapse of the “Magnificent Seven”: The group of dominant tech stocks – Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla – collectively lost around $2 trillion in market value on Monday alone. These companies, once seen as untouchable growth engines, are now leading the downturn. Tesla dropped 7%, Apple 6.3%, and Nvidia over 7%. The sudden collapse reflects fears that
Trump ‘s tariffs will squeeze profit margins and disrupt global supply chains, especially for firms heavily reliant on China for production or revenue. - 2,227 points:
Sensex ‘s steepest fall in 10 months: India’s benchmark BSE Sensex crashed by 2,226.79 points, a nearly 3% drop, marking its most severe daily fall since June 2024. At one point during the session, it was down over 5%. Nearly every major stock on the index closed in the red, with metals and IT firms hit hardest due to fears of slowing global trade. Investors saw ₹14 lakh crore ($170 billion) in market cap wiped out, with FIIs dumping ₹3,483 crore worth of Indian equities. - 13.2%: Hang Seng suffers worst day since 1997: Hong Kong’s Hang Seng Index plummeted 13.2%, the sharpest single-day loss since the Asian Financial Crisis. China’s retaliatory tariffs and escalating geopolitical tension spooked investors. With major U.S. firms caught in the crossfire and fears of further decoupling between US and Chinese markets, foreign investment flows are pulling back rapidly.
- 4.52%: S&P 500 dive signals bear market: The S&P 500 fell 4.52% on Monday, pushing it down over 20% from its February peak and confirming a bear market. It has now lost more than $5 trillion in value in just two trading days. Wall Street’s worst fears – a global recession triggered by tariffs, rising inflation, and a Federal Reserve constrained in its response – are materializing in real time.
- $60: US crude drops below critical threshold: For the first time since 2021, benchmark US crude oil fell below $60 a barrel. Markets are betting on collapsing demand as trade slows and economic output contracts. With global shipping, auto, and airline industries expected to cut consumption, oil is pricing in a global recession. Energy stocks, from Exxon to Reliance, took a hit across the board.
- $78,000: Bitcoin breaks below key level: Bitcoin tumbled below $78,000, falling sharply from its January peak above $100,000. Crypto, often viewed as an alternative asset during uncertainty, was not immune this time. The selloff was compounded by margin calls and liquidations across crypto-linked equities. Coinbase, Marathon Digital, and MicroStrategy all saw double-digit losses as faith in risk assets crumbled.
- 4,200 points: S&P 500 bear case forecast: RBC Capital Markets revised its downside scenario for the S&P 500 to 4,200 – a 17% fall from Friday’s close. The forecast assumes that “full recession pricing” takes hold, reflecting collapsing consumer demand, lower corporate earnings, and aggressive central bank action. Strategists believe that even with the market already deeply oversold, more pain may be ahead if Trump escalates his tariff policies.
- 45%: Odds of a US Recession, per Goldman Sachs: Goldman Sachs now places the likelihood of a US recession at 45% within the next 12 months. The bank cited increased policy uncertainty, a slump in capital investment, and weakening consumer confidence as key reasons. While some firms had hoped the tariffs were a negotiating ploy, Trump’s weekend comments suggest a long-term shift in economic policy – with real-world consequences.
- 7.8%: Nikkei’s brutal fall: Japan’s Nikkei 225 dropped nearly 8%, one of its worst performances in recent years. Japanese companies with major exposure to US and Chinese markets – from automakers like Toyota to electronics giants like Sony – saw billions in market cap erased. Prime Minister Ishiba, a close US ally, expressed “strong concern” that tariffs would disrupt Japanese investment in America.
- 5 rate cuts: What markets expect from the Fed: Investors are now pricing in the equivalent of five quarter-point rate cuts from the U.S. Federal Reserve in 2025, with a 60% chance of an emergency rate cut by next week. The dramatic shift reflects panic across financial markets. With inflation still elevated, the Fed faces a dilemma: cut rates to soften the blow or hold steady to avoid stoking price pressures. Either way, markets see the central bank losing control.
As markets reeled, Trump doubled down. “Forget markets for a second,” he told reporters Sunday aboard Air Force One. Dismissing criticism from allies and Wall Street titans alike, he added, “Sometimes you have to take medicine to fix something.” When pressed about the potential economic damage, Trump was blunt: “They want to talk but there’s no talk unless they pay us a lot of money on a yearly basis.”
On his social media platform Truth Social, the president wrote: “Don’t be Weak! Don’t be Stupid!… Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
But the markets aren’t buying it. Tesla tumbled another 7% as analyst Dan Ives warned of a “tariff economic armageddon.” Apple fell 6.3%, approaching one-year lows, with fears it may be forced to raise iPhone prices. “The concept of making iPhones in the US is a non-starter in our view at $1,000,” Ives wrote.
With markets now pricing in a prolonged standoff and no diplomatic exit in sight, even Trump allies are beginning to voice concern. Hedge fund billionaire Bill Ackman called for a tariff pause, warning of an “economic nuclear winter.”
As the US President digs in and global leaders scramble to respond, the only certainty left for investors is volatility. The medicine, it seems, is proving too bitter to swallow.
(With inputs from agencies)
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