Stock market today: Dow, S&P 500, Nasdaq futures plunge as Trump tariff rout set to escalate

US banal futures plunged Sunday evening, mounting up Wall Street for different bruising time connected Monday arsenic markets braced for much fallout from President Trump's fast-moving tariff policy.

Futures tied to the S&P 500 (ES=F) plummeted astir 4%, portion those connected the tech-heavy Nasdaq (NQ=F) mislaid 4.8%. Dow Jones Industrial Average futures (YM=F) sank 3.9%, oregon implicit 1,400 points.

Wall Street is coming disconnected its worst week since the advent of the pandemic, shedding implicit $5 trillion successful worth arsenic Trump's plans to enforce dense tariffs connected each US trading partners led to a sell-off of epic proportions. The Nasdaq Composite (^IXIC) entered into a carnivore marketplace connected Friday, much than 20% disconnected its astir caller highs, portion the S&P 500 (^GSPC) moved person to that threshold with a 9% nonaccomplishment past week. The Dow (^DJI) closed successful correction territory aft losing astir 8%.

Read more: Live updates connected Trump tariffs fallout

Trump has shown small motion of wavering successful the look of Wall Street's panic and planetary reactions. China already announced retaliatory tariffs, and the EU is readying countermeasures. The US's caller baseline 10% duties connected astir trading partners went into effect implicit the weekend, and the further tariffs that Trump announced connected alleged "bad actors" are acceptable to beryllium enacted opening connected Wednesday.

Administration officials defended Trump's plans during appearances connected Sunday speech shows. Treasury Secretary Scott Bessent rejected the assertion that the tariffs could nonstop the US system into recession. JPMorgan connected Friday became the archetypal large US slope to task a recession aboriginal this year, arsenic forecasters person successful conscionable days scrambled projections of a coagulated maturation trajectory for the US economy.

Bessent, on with apical economical advisor Kevin Hassett, claimed that much than 50 countries person reached retired to statesman negotiations, raising questions astir logistical challenges with the tariffs acceptable to spell successful spot this week. Commerce Secretary Howard Lutnick said the tariffs would "definitely going to enactment successful spot for days and weeks."

Trump, for his part, has stayed comparatively quiescent this weekend, posting aggregate golfing-themed videos portion urging Americans to "hang tough." He besides reposted a video that claimed helium is "purposely crashing" the banal market. When asked astir the video connected Sunday, Hassett said that Trump is "not trying to vessel the market. He’s trying to present for American workers."

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