US stocks enter bear market territory as tariff misery continues on Wall Street
CNN
US stocks opened lower Monday as markets around the world tumbled over concerns about how President Donald Trump’s sweeping tariffs might upend the global economy and stymie US economic growth.
US stocks opened lower Monday as markets around the world tumbled over concerns about how President Donald Trump’s sweeping tariffs might upend the global economy and stymie US economic growth. Markets opened in bear market territory – a decline of 20% from a recent peak – after a historic rout in Asia and massive losses in Europe. The Dow fell 1,200 points, or 3.2%. The broader S&P 500 was 3.4% lower and opened in bear territory. The Nasdaq Composite slid 3.96%. The S&P 500 hit a record high less than seven weeks ago, on February 19. If the index closes in bear market territory, that would be the second-fastest peak-to-bear market shift in history (the fastest occurred during the 2020 pandemic). Wall Street is coming off a rout in US stocks Thursday and Friday that saw the Nasdaq confirm it was in a bear market. Investors may be sensing a buying opportunity. With all the recent and rapid selling, stocks are getting cheap: They’re trading at a historically inexpensive 15 times future earnings projections. That could help markets rebound if investors believe stocks are oversold. “We are getting close to a bottom,” said James Demmert, chief investment officer at Main Street Research. “The fact that stocks have dropped so significantly in these deep intraday moves is a clear sign of indiscriminate and fear-based selling. When this happens, we tend to soon see significant rallies.” That could muddy the message Wall Street has been trying to send to President Donald Trump. Market mayhem has potentially opened the door to some negotiation.
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