The 2020 COVID crash caused historic single-day losses. In 2025, Trump’s tariff blitz has hit just as hard.
The five biggest tariff-driven selloffs erased $9.64 trillion, nearly equal to COVID-19’s $9.69 trillion total.
📉 October 10, 2025: another $1.65 trillion gone, showing how policy chaos can move markets like a pandemic did. Using the S&P 500 (≈80% of U.S. market value), we compared both eras. COVID’s drops were deeper in percentage terms, but today’s larger market makes losses just as massive in dollars.
Top 5 Biggest Single-Day S&P 500 Absolute Losses Due to COVID-19
These are the largest point declines (and corresponding market cap losses) during the 2020 COVID-19 crash period, based on official S&P 500 data.
| Rank | Date | Point Loss | % Decline | Approx. Market Cap Loss | Notes |
|---|---|---|---|---|---|
| 1 | March 16, 2020 | -324.89 | -11.98% | $2.76 trillion | Escalating global COVID-19 fears triggered circuit breaker halts and the largest single-day percentage drop since 1987. |
| 2 | March 12, 2020 | -268.34 | -9.51% | $2.28 trillion | WHO’s declaration of COVID-19 as a global pandemic, combined with travel bans and economic shutdown announcements. |
| 3 | March 9, 2020 | -225.81 | -7.60% | $1.92 trillion | Saudi-Russia oil price war exacerbated COVID-19 travel restrictions and supply chain disruptions. |
| 4 | June 11, 2020 | -188.04 | -5.89% | $1.60 trillion | Rising concerns over a potential second wave of U.S. COVID-19 cases after initial reopenings. |
| 5 | March 18, 2020 | -133.37 | -5.18% | $1.13 trillion | Ongoing panic from nationwide lockdowns and Federal Reserve emergency measures amid deepening recession fears. |
Subtotal for COVID-19 Top 5 Losing Days: $9.69 trillion
Calculation: $2.76T + $2.28T + $1.92T + $1.60T + $1.13T = $9.69T
Top 5 Biggest Single-Day S&P 500 Absolute Losses Due to Trump Tariffs
These are the largest point declines (and corresponding market cap losses) attributed to Trump tariff announcements/escalations in 2025, based on official data up to October 11, 2025.
| Rank | Date | Point Loss | % Decline | Approx. Market Cap Loss | Notes |
|---|---|---|---|---|---|
| 1 | April 4, 2025 | -322.44 | -5.97% | $2.74 trillion | Follow-up selloff after initial tariff rollout, wiping out $5T over two days amid fears of global trade disruptions. |
| 2 | April 3, 2025 | -267.96 | -4.73% | $2.28 trillion | President’s announcement of broad new tariffs on imports, sparking the worst day since the 2020 COVID crash. |
| 3 | October 10, 2025 | -182.60 | -2.71% | $1.65 trillion | Renewed presidential threats of “massive” tariff hikes on Chinese goods, reigniting U.S.-China trade war fears. |
| 4 | April 10, 2025 | -188.85 | -3.46% | $1.61 trillion | Market reaction to expanding tariff scope, hitting tech and manufacturing sectors hardest in ongoing trade tensions. |
| 5 | April 5, 2025 | -160.00 | -2.90% | $1.36 trillion | Chaotic early implementation of reciprocal tariffs, leading to supply chain panic and investor flight from risk assets. |
Subtotal for Trump Tariffs Top 5 Losing Days: $9.64 trillion
Calculation: $2.74T + $2.28T + $1.65T + $1.61T + $1.36T = $9.64T
