U.S. investors are bracing for further market turbulence as Monday’s trading open approaches following last week’s steep selloff triggered by President Donald Trump’s new tariff announcement.
The aggressive tariff measures sent shockwaves through Wall Street, with the S&P 500 index falling 10.5% over two days and wiping out approximately $5 trillion in market value – the largest two-day decline since March 2020.
The recent selloff, which saw the S&P 500 slide more than 17% from its February 19 all-time closing high, has pushed the benchmark index dangerously close to bear market territory, defined by a 20% decline. Futures are set to open at 1800 ET (2200 GMT) on Sunday, providing a preview of what could unfold in Monday’s session.
“The bull market is dead,” said Mark Malek, chief investment officer at Siebert Financial. “We might see some gains in the next few days, but for now they’re not going to be sustainable.” Malek’s caution comes as the tariffs coincide with the onset of the first-quarter earnings season, further dampening market sentiment.
Despite the grim outlook, some traders remain optimistic that the market could stage an up day at some point this week. “Sometime this week it’s probably inevitable that we will have an up day,” said Steve Sosnick, chief investment strategist at Interactive Brokers. However, Alex Morris, chief investment officer at F/m Investments, warned, “We may see a day this week where screens are green, but any lasting rally may not arrive for three or four weeks. At that point, people will start saying we’ve taken enough air out of the balloon.”
On Sunday morning talk shows, top economic advisers for President Trump attempted to frame the tariffs as a strategic repositioning move. Treasury Secretary Scott Bessent told NBC’s “Meet the Press” that there was “no reason” to anticipate a recession, even as market analysts expressed concerns that the tariffs could have far-reaching consequences for both the U.S. and global economies.
As global trading partners react and additional reciprocal tariffs come into play, investors are preparing for a period of heightened uncertainty. The coming week is expected to be critical for gauging whether the market can recover from the recent declines or if further volatility will set in.
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A powerful explosion has been reported at King Khalid International Airport in Riyadh, raising fresh concerns over aviation security in Saudi Arabia as tensions across the region continue to escalate.
Britain and Israel have reached a temporary compromise over the future of the British Consulate General in East Jerusalem, easing a diplomatic dispute that had threatened to further strain relations between the two countries.
South African judge Navanethem “Navi” Pillay won the Nobel Peace Prize on Friday “for her efforts to promote peace and international law,” the Norwegian Nobel Committee said.
The U.S. has imposed sanctions on the International Criminal Court (ICC) on Friday (9 October) escalating tensions with European allies and potentially targeting companies that provide services to the tribunal. The move came hours after former ICC judge Navi Pillay won the Nobel Peace Prize.
Indian police detained more than 2,000 protesters in Delhi on Saturday as authorities blocked a planned demonstration calling for the resignation of Chief Election Commissioner Gyanesh Kumar over disputed changes to voter lists.
At least 12 people, including three children, have been killed in a Russian attack on the Ukrainian city of Zaporizhzhia, a day after U.S. President Donald Trump announced a deal to ease sanctions on Russian diesel.
Ukrainian President Volodymyr Zelenskyy has criticised U.S. President Donald Trump’s decision to ease sanctions on Russian diesel exports, questioning why Moscow was granted an economic benefit without an apparent concession towards ending the war in Ukraine.
Russian President Vladimir Putin expressed surprise after Donald Trump mediated the Armenia-Azerbaijan peace agreement in 2025, the U.S. President said at a rally in New York state on Friday.
The United Nations has condemned a sharp rise in attacks on civilians in Ukraine, reporting that more than 100 people were killed and at least 429 injured in a single week as Russian strikes hit residential areas, passenger buses and critical infrastructure.
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