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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Russian Foreign Minister Sergey Lavrov reaffirmed Russia’s support on Friday (20 February) for the negotiation process between Washington and Tehran amid escalating regional tensions.
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Pakistan said it carried out cross-border strikes on militant targets inside Afghanistan after blaming a series of recent suicide bombings, including attacks during the holy month of Ramadan, on fighters it said were operating from Afghan territory.
Italy said a fond farewell to the Winter Olympics on Sunday with an open-air ceremony in the ancient Verona Arena that celebrated art and sporting achievement at a Games lauded as a model for how to stage such events.
Ukraine’s President Volodymyr Zelenskyy has approved new sanctions targeting Russian maritime operators, defence-linked companies and individuals connected to Moscow’s military and energy sectors, according to official decrees issued on Saturday.
The United Nations mission in Afghanistan said on Monday it had received “credible reports” that at least 13 civilians were killed and seven others injured in overnight Pakistani airstrikes inside Afghanistan.
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