The S&P 500 experienced a 4% drop shortly after trading began on Monday, marking its entry into bear market territory. Although it recovered some losses later, a closing decline similar to its opening would make Monday a historic day in the stock market. If the S&P closes down more than 4%, it would mark the third consecutive trading day with declines exceeding 4%, an event not seen since the 1929 stock market crash that led to the Great Depression. President Donald Trump’s recent announcement of broad tariffs on many U.S. trading partners contributed to the worst week for stocks since the peak of the coronavirus pandemic. Stocks plummeted overseas, with Hong Kong’s main market index dropping 13%, its worst day since Asia’s 1997 financial crisis. Billionaire Bill Ackman advised President Trump to pause the trade war to avoid an economic crash, emphasizing the importance of confidence and trust in global trade.
— new from Quartz
