The United States stock market has lost over US$4 trillion in value since its peak on Feb. 19, driven by economic uncertainty related to ongoing tariff policies.

On Mar. 10, the S&P 500 dropped 8.6% from its record high, while the Nasdaq Composite confirmed a 10% correction since December.

Major tech stocks – including Tesla, Apple, and Nvidia – saw substantial losses, with Tesla’s market value dropping by US$125 billion in one day.

The decline is linked to the Trump administration’s tariff measures targeting key trading partners like Canada, Mexico, and China. These policies have created uncertainty for businesses and investors.

Defensive assets like utilities gained 1%, and demand for US government debt increased. Meanwhile, hedge funds reduced stock exposure at the highest rates in over two years.

Market volatility remains high, with the Cboe Volatility Index reaching its highest closing level since August.

The S&P 500’s forward price-to-earnings ratio is still above its historical average, raising valuation concerns.

Analysts warn that trade tensions, geopolitical issues, and mixed economic signals could prolong market instability in the coming weeks.