New Trump comments

Stock futures were not helped by new comments by President Trump to reporters Sunday evening. The president said unless the China trade deficit is solved, there will be no deal, according to Reuters headlines. On the market sell-off, the president told reporters that sometimes you need to take medicine, according to Reuters.

Dow futures were last down 1,600 points.

-John Melloy

U.S. oil prices dropped below $60 a barrel on Sunday on fears President Donald Trump’s global tariffs would push the U.S., and maybe the world, into a recession.

Futures tied to U.S. West Texas intermediate crude fell more than 3% to $59.74 on Sunday night. The move comes after back-to-back 6% declines last week. WTI is now at the lowest since April 2021.

— Tanaya Macheel

Bitcoin slid under $80,000 on Sunday evening, joining the broader market rout after showing resilience last week.

The price of the flagship cryptocurrency was last lower by 5% at $78,647.33, according to Coin Metrics. Other cryptocurrencies suffered bigger losses overnight. Ether and the token tied to Solana tumbled about 10% each.

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Bitcoin falls below $80,000 support

The flagship cryptocurrency usually trades like a big tech stock and is often viewed by traders as a leading indicator of market sentiment, although last week it bucked the broader market meltdown – holding between $82,000 and $83,000 and rising to end the week as stocks tumbled and even gold fell.

Bitcoin is off its January all-time high by about 39%. It is expected to continue moving in tandem with equities, absent a crypto-specific catalyst, as global recession fears overshadow any regulatory tailwinds crypto was expected to benefit from this year.

— Tanaya Macheel

Commerce Secretary Howard Lutnick said Sunday that the Trump administration will remain steadfast in its reciprocal tariffs on major U.S. trading partners even in the face of a global stock market sell-off.

“The tariffs are coming,” Lutnick said on CBS’s “Face the Nation” Sunday. “He announced it, and he wasn’t kidding. The tariffs are coming. Of course they are.”

The White House is not considering an extension of the start deadline, he added.

“There is no postponing. They are definitely going to stay in place for days and weeks,” Lutnick said. “The president needs to reset global trade. Everybody has a trade surplus and we have a trade deficit.”

— Tanaya Macheel, Hakyung Kim