The Nasdaq and Russell 2000 have both fallen into a technical bear market. Since Trump took office, the US stock market has evaporated approximately $11.1 trillion.

According to Dow Jones market data, since January 17th (the Friday before President Trump's inauguration for his second term), the US stock market has lost approximately $11.1 trillion in market value. Just on Thursday and Friday of last week, around $6.6 trillion was lost, setting a record for the largest two-day market value decline in history. The trigger for this plunge was the Trump administration suddenly announcing a new round of tariffs on Wednesday that far exceeded market expectations, catching investors off guard. Kathleen Brooks, research director at XTB, commented in an email that the financial markets are putting strong pressure on the White House to either reduce proposed tariffs or announce substantive progress in negotiations. Despite President Trump's post on Truth Social claiming to have had a "productive conversation" with Vietnamese leaders, leading to a 3% increase in the stock price of NIKE, Inc. Class B(NKE.US), which has a large number of production facilities in Vietnam, this news was not enough to halt the overall market downturn effectively. Even though the March jobs data released on Friday was better than expected, market sentiment did not see a significant boost. Investors' concerns focused on the risk of further escalation in the US-China trade war, with Jay Woods, chief market strategist at Freedom Capital Markets, warning in an interview, "If the US continues to retaliate strongly, the technology sector and even the overall economy could suffer damage, leading to an economic recession and possibly ending the bull market as we know it." As of Friday's close, the S&P 500 index has fallen by 15.4% since Trump returned to office, exceeding the performance of the first 75 days of George W. Bush's first term. The Dow Jones Industrial Average fell by 11.9%, while the Russell 2000 index, which focuses on small caps, had the worst start since any new government took office. It is worth noting that although the Nasdaq index reached a historic closing high of 20,056.25 on February 19th, it has since fallen by over 22%, officially entering a technical bear market. Since reaching a historical high of 2,442.03 on November 25th last year, the Russell 2000 index has fallen by over 25%, also entering bear market territory. As of this Friday, US stocks recorded their largest single-week decline since the start of the COVID-19 crisis in March 2020. Analysts point out that it is not uncommon for the market to show weakness at the beginning of a new president's term, but the extent of this sell-off is "extremely extreme." Ryan Detrick, chief market strategist at Carson Group, said that historically, the third and fourth years of a president's term usually see stronger stock market performance, while the first quarter of the first year tends to be relatively subdued. However, with the current background of increased trade policy uncertainty, pressure on tech stock valuations, and rising recession risks, the market urgently needs the government to provide clearer signals of moderation in trade policy to restore investor confidence.