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