Bitcoin, Dow Jones, S&P 500, and Nasdaq Futures Take Hit From Trump’s New Tariffs

• Markets react to Trump's tariffs with sharp declines.
• Tariffs could trigger recession, according to JPMorgan projections.
• Global response intensifies with announcement of retaliatory tariffs.

U.S. stock market futures fell sharply late Sunday, setting the stage for another challenging day for Wall Street on Monday as the fallout from President Trump's accelerated tariff policies plays out.

Futures tied to the S&P 4 fell more than 500%, while the tech-focused Nasdaq futures saw an even steeper loss of more than 5%. Meanwhile, futures for the Dow Jones Industrial Average plunged 3,5%, representing a drop of more than 1.200 points. Along with this downward movement, oil prices also fell more than 3%, falling below $60 per barrel for the first time since 2021.

This latest volatility comes after a particularly tumultuous week for Wall Street, the worst since the start of the pandemic, during which more than $5 trillion was wiped off the market’s value as a direct result of President Trump’s plans to impose steep tariffs on all U.S. trading partners. The Nasdaq Composite entered bear market territory, down more than 20% from its recent highs, while the S&P 500 was nearing that same level. The Dow closed in correction territory.

Despite backlash from Wall Street and countries around the world, Trump has stood his ground. China has announced retaliatory tariffs, and the European Union is preparing countermeasures. The U.S.’s new 10 percent base tariffs on most trading partners went into effect last weekend, and additional tariffs on so-called “bad actors” are set to be implemented starting next Wednesday.

In television appearances on Sunday, Trump administration officials including Treasury Secretary Scott Bessent defended the tariff policies, rejecting claims that they could push the U.S. economy into recession. JPMorgan Chase & Co. was the first major U.S. bank to predict a recession by the end of the year, abruptly revising its growth projections for the U.S. economy. Bessent, along with top economic adviser Kevin Hassett, said more than 50 countries have reached out to begin negotiations on the tariffs, which are scheduled to begin this week. Commerce Secretary Howard Lutnick said the tariffs “are definitely going to be in place for days and weeks.”

President Trump, reiterating his tough stance, said Sunday night that markets might need a “remedy,” assuring that he was not purposefully trying to drive stocks lower.

Cryptocurrencies today

Bitcoin (BTC) price has seen a significant drop, dropping sharply below the crucial $80,000 support. Over the past few hours, BTC has found support near the $77,000 zone, where it is currently trying to stabilize. At press time, Bitcoin is trading at $77,843.99, down 6.76% in the past 24 hours.

Similarly, other major altcoins are showing signs of recovery after recent losses. Ethereum (ETH), after testing the crucial support around $1,500, is trading at $1,561.71, showing an attempt to recover after a 13.75% drop.

Ripple (XRP), which also felt the impact, now sits at $1.888 after a 12.21% drop in the last 24 hours. Binance Coin (BNB) is following a similar pattern, currently trading at $554.87, down 6.39%.

Solana (SOL) and Dogecoin (DOGE) are also trying to recover from significant declines. Solana is trading at $103.68, facing a 13.86% decline, while Dogecoin is at $0.1465, also down 13.45%.

Cardano (ADA) is trading at $0.567 after a 13.28% drop, while Tron (TRX), currently at $0.2296, has seen a 3.20% loss in the last 24 hours.