CNN
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US stock futures declined sharply Sunday evening after two sessions of selloffs that wiped away over $5.4 trillion in market value.
Dow futures were down 1,500 points, or 4%. S&P 500 futures plunged 4.3%, while Nasdaq futures tumbled 4.7%.
Bitcoin joined the declines, too – falling 5.6% to $78,736.93. Bitcoin had surged above $100,000 shortly after Trump was elected in the hopes that he’d help boost support for cryptocurrencies.
The massive declines in futures follow the worst two-day stretch for stocks in five years – since the pandemic. The markets have rejected President Donald Trump’s massive tariff regime, some of which went into effect early Saturday morning and even larger tariffs are set to launch on Wednesday morning.
Following Trump’s announcement last week, the tariffs include “reciprocal” tariffs for nations starting at 10%. Some imports will be taxed as high as about 50%.
“The tariffs are coming. (Trump) announced it, and he wasn’t kidding. The tariffs are coming. Of course they are,” Commerce Secretary Howard Lutnick told CBS’s “Face the Nation” on Sunday.
This is a developing story. It will be updated.
