Financial markets are faltering around the world as investors worry U.S. President Donald Trump’s trade war will hammer corporate earnings and trigger a potential global recession.
Here are 13 key charts that show the extent of the fallout:
U.S. stocks
The selloff in U.S. stocks has been widespread, with about 97% of the S&P 500 declining on Friday.
On a weekly basis, it was one of the broadest declines in recent years.
Valuations
The slump has taken U.S. equities valuations to the lowest level since late 2023.
S&P stress
Wall Street forecasters are racing to temper their views on U.S. equities.
The Vix
The so-called “fear gauge,” an index of volatility expectations, continued to run higher on Monday as Trump showed no sign of reversing his stance.
U.S. Treasuries
The U.S. 10-year yield has fallen around 40 basis points from a late-March high, to reach a six-month low as investors seek out havens.
Fed bets
Traders now see the U.S. Federal Reserve cutting interest rates five times this year, despite Chair Jerome Powell expressing worry on Friday about the inflation outlook.
The U.S. dollar
The U.S. dollar slumped last Thursday, briefly erasing its rally since the U.S. elections in November.
Risk-sensitive currencies
Risk-sensitive currencies are under heavy pressure as fears of a global recession grow — and the Australian dollar is now front and center in the latest market selloff, because of its exposure to trade and China.
Chinese stocks
Equities in one of Trump’s key targets fell, after Beijing had said on Friday it would retaliate. Hong Kong’s Hang Seng Index plunged 13%, its worst drop since 1997.
Emerging market equities
Emerging-market stocks surrendered their gains for the year in one of their worst days since the financial crisis.
Oil
Oil prices have been diving ever since the announcement of the tariffs, in a sign of concern the levies will hurt demand. The slide has been exacerbated by a surprise production increase from the Organization of Petroleum Exporting Countries and its allies.
Copper
The metal, a bellwether for the global economy given its role in manufacturing, dropped 10.4% last week. That ranked among the biggest in the modern history of the market, rivaling plunges seen in the pandemic, the subprime mortgage crisis, and a rogue-trading scandal in 1996.
Junk bonds
A gauge of credit risk for high-yield rated European firms has widened rapidly, a sign of stress as investors seek to hedge against potential defaults.
With assistance from Alaric Nightingale, Mark Burton, James Hirai, Ronan Martin, Malavika Kaur Makol, Michael Msika, Christian Dass and Vassilis Karamanis.
©2025 Bloomberg L.P.
