US stocks open lower after Trump threatened a 200% tax on European liquor if the EU tax on US whiskey isn't removed.

Second, the U.S. stock market recovered remarkably quickly from the tariffs imposed during the first Trump administration. Specifically, while the S&P 500 declined 19.8% over a three-month period between September and December 2018, the index had already recouped its losses and reached a new high by May 2019.

Wall Street is waking up to the downside of its own overconfidence — in AI, Trump, and momentum. Investors had spent months bidding up the biggest names in tech, but now the air is rushing out. Notably, the stocks that surged in the first months following Donald Trump’s re-election in November are now the ones getting hit the hardest.