President Donald Trump’s trade war has US stocks on track to enter their first bear market since the Covid pandemic.

The S&P 500 Index sank another 3.5% Monday, putting it 20% below the record high set less than two months ago — the second-fastest plunge of the 14 bear markets since 1945, CFRA data show. Some $9.5 trillion in value has been lost in just 33 trading days. Wall Street’s fear gauge — the CBOE Volatility Index, or VIX — jumped higher than 60 overnight after closing at 45 Friday, well above the long-term average of 20.