They thought his second term would be like the first, giving priority to economic growth and the stock market. Trump had other ideas.

Widely followed strategist Ed Yardeni, one of the biggest bulls on Wall Street, lowered his market forecast, saying President Donald Trump’s tariffs raise the risk of stagflation.

NEW YORK (AP) — Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.