U.S. stock futures plunged early Monday, signaling another steep selloff as markets continued to reel from the Trump administration’s aggressive tariff rollout. Dow Jones Industrial Average futures dropped 1,033 points, or 2.68%, while S&P 500 futures slipped 3.34%. Nasdaq-100 futures led the decline, down 4.26%, as investors rushed to liquidate tech holdings to raise cash.
The sharp downturn comes on the heels of a historic two-day market crash. The Dow posted back-to-back losses of over 1,500 points, including a 2,231-point drop on Friday. The S&P 500 plummeted 6% that day — its worst showing since March 2020 — pushing the index more than 17% below its recent peak. The Nasdaq Composite officially entered bear market territory, down over 22% from its record high.
Investors had hoped over the weekend for some moderation or delay in the reciprocal tariff regime, set to take full effect on April 9. However, the White House remained firm. Trump defended the tariffs, stating, “Sometimes you have to take medicine to fix something,” citing a massive trade deficit with China as justification.
Commerce Secretary Howard Lutnick confirmed that the new tariffs would remain “for days and weeks,” while Treasury Secretary Scott Bessent noted that over 50 nations had approached the administration but warned that a resolution would not come quickly.
The administration’s hardline stance and the lack of any credible negotiation effort rattled global markets further. China’s swift response — a 34% tariff on all U.S. imports — exacerbated investor fears, reinforcing expectations of a prolonged and damaging trade war.
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