US stocks nosedive, with S&P 500 entering bear territory as global tariff rout worsens

US stocks nosedived Monday morning as global markets extended declines after President Trump over the weekend signaled that his so-called “reciprocal” tariffs won’t be revoked anytime soon.The Dow Jones Industrial Average plunged 1,323 points, or 3.3%, after losing nearly 4,000 points in just two days last week.The S&P 500 fell 3.5% — enough to trigger a bear market — and the Nasdaq 100 dropped 3.8%.“The uncertainty of trading partner retaliation is still weighing on the markets,” Richard Saperstein, chief investment officer at Treasury Partners, wrote in a note.“Markets won’t rebound until tariffs are negotiated and reduced, until valuations move even lower to very compelling levels, and until fundamentals improve and none of these factors are in the cards at this time,” he added.Investors had been hoping for foreign nations to rush to the negotiating table so the US could avoid the impact from Trump’s latest hefty tariffs — including a 10% baseline tax on all imports and much harsher rates on many nations — which economists have warned could reheat inflation.But Trump over the weekend, when asked about the global market rout, said “sometimes you have to take medicine to fix something.”And banks like JPMorgan and Goldman Sachs have been quick to hike their odds of a recession, to 60% and 45%, respectively.Meanwhile, threats of retaliation from foreign nations continued to spook investors, especially after China led the way, slapping a 34% retaliatory tax on the US on Friday.The new levies would hit US companies with lots of manufacturing at home, like Coca-Cola, especially hard, according to analysts....