Key Point: “The S&P 500 had lost 15% of its value since Inauguration Day as of Sunday night. And that doesn’t even count the massive losses set for Monday’s opening bell … The awfulness of the past two days of trading were matched only by the 1987 crash, the 2008 financial crisis and the Covid crash of 2020.”

CNN: This is the stock market’s worst start to a presidential term in modern history

By Harry Enten and Matt Egan

• The S&P 500 had lost 15% of its value since Inauguration Day as of Sunday night. And that doesn’t even count the massive losses set for Monday’s opening bell.

• The current market wipeout hit a crescendo after Trump’s “Liberation Day” event, where he shocked and alarmed the business world by promising to increase tariffs at an unprecedented pace. Indeed, two-thirds of the 15% fall in the S&P 500 has been since Liberation Day.

• The awfulness of the past two days of trading were matched only by the 1987 crash, the 2008 financial crisis and the Covid crash of 2020.

• JPMorgan has raised the chance of a recession to 60%. It had previously been 40%. Goldman Sachs has raised it from 20% to 45%. HSBC puts it at 40%.

• The last time real GDP had two consecutive negative quarters in the first year of an elected presidency after not having a recession the year before? 1953, as the United States was coming out of the Korean War.

• Confidence is a fragile thing and the steep market selloff could easily spook CEOs and consumers alike. The hole blown in Americans’ 401(k) plans and investment portfolios is so massive that it will be hard to ignore. And if consumers stop spending, all bets are off in this economy.