The Dow plunged 755 points, or 2%, following last week’s brutal back-to-back 1,500-point drops—marking the worst consecutive sessions in Wall Street history. The Nasdaq slid 1.2% as tech stocks were offloaded in a rush to raise cash.
At 10:10 AM ET, rumors began circulating that the White House was considering a 90-day pause on tariffs. CNBC reported this possibility at 10:15 AM, sparking a $3 trillion rally in just eight minutes. But by 10:25 AM, officials denied the claim, and by 10:40 AM, the S&P 500 had shed $2.5 trillion. The rollercoaster was fueled entirely by misinformation.
📉 S&P 500 Teeters Near Key Support Level
As the market bleed continued, traders began searching for technical support. BTIG’s Jonathan Krinsky highlighted the 200-week moving average of the S&P 500 at 4,674 as a potential bottom. If breached, it could erase all gains made in 2024 and drag the index back to 2023 closing levels.
🧨 Larry Fink: “The Canary Is Sick”
BlackRock CEO Larry Fink painted a bleak picture, telling the Economic Club of New York that many CEOs already view the U.S. economy as being deep in recession. He didn’t rule out another 20% drop, warning that the worst may not be over yet.
Despite the gloom, Fink said long-term opportunities remain—but only for those who can endure major volatility.
⚠️ Washington’s Policy Gaps in Focus
Fink criticized the lack of follow-through on key economic reforms from the Trump administration, including tax overhauls and infrastructure acceleration. Without them, the economy risks stagnation and reliance on market speculation rather than real growth.
He also emphasized how tariffs directly impact ordinary Americans and warned that many don’t realize how vulnerable they are to market chaos. “62% of Americans own equities,” Fink reminded—most people are in the game whether they like it or not.
