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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President Donald Trump said he held a “very productive” phone call with Russian President Vladimir Putin on Sunday, shortly before hosting Ukrainian President Volodymyr Zelenskyy in Florida for talks aimed at ending the nearly four-year war in Ukraine.
Ukrainian President Volodymyr Zelenskyy is travelling to the United States to meet President Donald Trump in Florida on Sunday, in what officials describe as a critical step in ongoing U.S.-led diplomatic efforts to end Russia’s full-scale war against Ukraine.
U.S. President Donald Trump on Friday said he ordered a military strike targeting Islamic State (ISIS/Daesh) militants in Nigeria to be delayed by one day, calling the attack a “Christmas present” to the terror group.
A 7.0 magnitude earthquake struck offshore near Taiwan’s north-eastern county of Yilan late on Saturday, shaking buildings across the island, including in the capital Taipei, authorities said.
Brigitte Bardot, the French actress whose barefoot mambo in And God Created Woman propelled her to international fame and reshaped female sexuality on screen, has died at the age of 91, her foundation said on Sunday.
Iran is engaged in a “comprehensive war” with the United States, Israel, and Europe, Iranian President Masoud Pezeshkian stated on Saturday.
Japan’s tourism sector has experienced a slowdown after China’s government advised its citizens to reconsider travel to Japan, following remarks by Prime Minister Sanae Takaichi regarding Taiwan.
Ukraine’s military has rejected Russian claims that its forces have captured the towns of Myrnohrad in the Donetsk region and Huliaipole in the Zaporizhzhia region, calling the statements false and part of a disinformation campaign aimed at foreign partners.
Roman Abramovich, the Russian billionaire and former Chelsea Football Club owner, has assembled a “top tier” legal team, including a former White House advisor, as he prepares for a legal battle in Jersey.
Chinese nuclear experts have suggested that Japan, with its advanced nuclear technology infrastructure, could potentially build nuclear weapons in less than three years.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 29th of December, covering the latest developments you need to know.
North Korean leader Kim Jong Un oversaw the launch of long-range strategic cruise missiles on Sunday, in what state media described as a test confirming the country’s nuclear deterrent and readiness to respond to security threats.
Venezuelan President Nicolás Maduro on Sunday praised the country’s armed forces as “invincible warriors” during a year-end ceremony honouring the Bolivarian National Armed Forces, held in the coastal city of La Guaira.
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