The US stock market joins the big dump team, analysts say this is the first phase of a new bear market.

According to Jin10 data on April 3, after a significant fall in global stock markets from Japan to Europe, the US stock market joined the big dump, with the S&P 500 index re-entering the correction zone, wiping out nearly $2 trillion in market capitalization, and is set to record its largest (single-day) fall since September 2022. Fitch warned that tariffs are a "game changer" for the global economy, while Deutsche Bank described this as a "once-in-a-lifetime" moment that could easily cause the US economic growth rate to decline by 1% to 1.5% this year. Doug Ramsey, Chief Investment Officer of Leuthold Group, stated that he wouldn't say a recession is inevitable, but the deeper the pullback, the greater the likelihood of a recession. The current decline in the stock market is the first phase of a new bear market, not just a pullback.