The trader works on the floor of the New York Stock Exchange (NYSE) in New York City, USA on April 3, 2025.
Brendan McDermid | Reuters
US stock futures fell on Sunday evening as the White House remained rebellious, even after a two-day historic stock market defeat that followed after President Donald Trump deployed shockingly high tariff rates on most major US trading partners.
Dow Jones Industrial Average Futures It fell to 1,240 points, or 3.2% on Sunday evening, pointing to another brutal session on Monday. S&P 500 Futures 3.6% will be poured. Nasdaq-100 Futures They lost 4.5% as investors continued to abandon one-time tech winners and raise cash.
This follows the market wipeout that ends last week:
The Dow recorded consecutive losses of more than 1,500 points for the first time, including 2,231 points shellac on Friday. The S&P 500 fell 6% on Friday due to its worst performance since the outbreak of the March 2020 pandemic. Friday Market – 22% down from record – nearly 6% each after the losses on Thursday and Friday.
Investors did not receive the news over the weekend. The Trump administration hopes to successfully negotiate with the country and lower the fees, or it was considering delaying the set of so-called mutual tariffs, as it will take effect on April 9th.
Instead, the president and his major advisors played down the sell:
Trump said Sunday evening that there will be no deals unless China’s trade deficit is resolved, according to a Reuters headline. On the sale of the market, the president told reporters that sometimes you need to take your medicine, according to Reuters. Trump posted people on social media on Saturday saying “tough” and that this is an “economic revolution.” “The tariffs are coming… they will definitely stay for days, weeks.” Treasury Secretary Scott Bessent warned NBC News that over 50 countries are approaching administration for negotiations, but “they have been bad actors for a long time and are not something they can negotiate in days or weeks.”
Investors were first surprised by the magnitude of the specific rates applied to trading partners that appear to be based on valid, unfounded formulas based on established economic theories. They were even more rattling on Friday when China decided to first retaliate with a 34% tariff on all US import duties instead of negotiating.
Dow Futures
“Last Wednesday, Trump’s release day caused the day that disappeared on Thursday and Friday, and stock market vigilantes gave expensive thumbs up Trump’s tariff reign,” wrote Ed Yadeni, president and chief investment strategist at Yadeni Research, in a note to his client on Sunday.
The administration said at least 50 countries reached out to launch negotiations, but Canada and the European Union are planning to follow China’s lead, and retaliatory tariffs on Vietnam have already offered to cut US tariffs to zero, according to Trump, which they have appeared to be the exception so far.
On Wall Street, hedge funds were forced to sell stocks and other dangerous assets, raise cash and meet margin calls, which increased fear that the sale would prey on itself. The Cboe Volatility Index, a Wall Street fear gauge, closed at the 45th level on Friday. This is an extreme level that is primarily seen only in the bear market.
“As we say, there’s a margin call,” said Chris Rupkey Chief Economist at FWDBonds. “Third days in a row in the US stock market have dropped a big thumbs down to the tariffs on the White House Liberation Day that shook Wall Street.”
Normally traded like another big tech stock, Bitcoin price, which had been defiant last week’s wider market meltdown, fell below $80,000 on Sunday with another sign of relaxation on Wall Street.
