Midway through Monday’s U.S. trading session—Wall Street is grappling with a sharp downturn, with major indices reflecting significant losses. The Dow Jones Industrial Average has dropped 1,099.74 points, a 2.57% decline, to 41,701.98. The S&P 500 is down 171.94 points, or 2.98%, at 5,598.26, while the Nasdaq 100 Index has tumbled 940.83 points, a 4.66% slide, to 19,260.54. These figures, captured mid-session (approximately 2:08 PM ET), signal one of the most severe intraday sell-offs of 2025, with trading still active and volatility rampant.

The plunge is largely attributed to escalating fears over President Donald Trump’s tariff agenda. After implementing 25% tariffs on imports from Mexico and Canada and a 20% increase on Chinese goods this month, conflicting signals from the White House—hinting at relief only to reaffirm the policies—have spooked markets. The Dow’s decline builds on a 649-point drop from March 4, while the Nasdaq’s tech-heavy composition amplifies its losses amid trade disruption concerns.

Economic fallout is a growing worry. Goldman Sachs has cut its 2025 U.S. growth forecast to 1.7%, citing tariff pressures, and raised recession odds to 20%. With consumer prices poised to rise, spending—a cornerstone of U.S. GDP—faces risks. The VIX, Wall Street’s volatility gauge, has spiked, reflecting heightened investor anxiety as trading continues.

Global markets are feeling the heat. Europe’s DAX fell 3.5% earlier, and Asian indices, including India’s Sensex, are expected to open lower. Unlike the speculative crash of 1929, today’s turmoil is rooted in policy uncertainty. With hours left in the U.S. session, all eyes are on whether losses deepen or a late recovery emerges.