The U.S. stock market fell further following President Donald Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set last month.

That’s when the highest inflation in generations was shredding budgets and raising worries about a possible recession that ultimately never came. The Dow Jones Industrial Average dropped 890 points, or 2.

The S&P 500 fell 2.7% Monday as worries build about how much pain President Donald Trump is willing for the economy to endure through tariffs in order to get what he wants.

The S&P 500 dropped 2.7% to drag it close to 9% below its all-time high, which was set just last month. At one point, the S&P 500 was down 3.6% and on track for its worst day since 2022. That's when the highest inflation in generations was shredding budgets and raising worries about a