The S&P 500 began declining around mid-February 2025 due to economic and policy uncertainty, particularly due to the Trump administration’s tariff plans. The index hit a record high of 6,144.15 on February 19, after a strong January (up 2.7%). But by the next day, weak economic data brought a wave of bearishness among investors. The U.S. services PMI fell to 49.7 (which is contraction territory), consumer sentiment tanked 10% to 64.7, and home sales slumped to 4.08 million units, all worse than expected. Investors panicked over a potential economic slowdown. Then came Trump. On February 26, he confirmed 25% tariffs on Canada and Mexico and a 10% bump on China, effective March 4. The S&P 500 dropped 1.59% that day to 5,861.57, as trade war fears flared—Canada and Mexico are huge U.S. trade partners, and investors are worried about retaliation. Nvidia’s earnings that week didn’t help either—revenue beat estimates, but an 8.5% stock slide due to margin misses dragged tech down, ...