Welcome to The Beat. I'm Ari Melbert, tracking this breaking news in the markets.

The U.S. stock market continuing this volatile week, the S&P 500, has basically had $4 trillion, with a T,

$4 trillion in value wiped out since the peak in the last month. It's down about 9 to 10% in that month

period with a lot of problems over the past few days. We are witnessing a brewing financial revolt

over President Trump's tariffs, some of his economic leadership, and recently his frankly odd

refusal to even try to encourage the markets. Donald Trump basically

passed on the opportunity to quiet concerns over a possible, quote, recession to start the week.

Those markets now down as you see, 8% or so in the last month wiping out all initial gains

from the period that began with Trump's inauguration in January.

That was when Wall Street, which typically leans to the right, was bullish on a new president,

even as he literally walked the floor of the trading floor there.

It was a new president who vowed lower taxes and less regulation and smaller government

while also making deals with the billionaires

and the tech gurus who are almost sort of worshipped on Wall Street. The point is, remember,

not so long ago that it was a very warm start for the president doing almost nothing might have

continued those warm feelings. But that's all now soured in response to President

Trump's, frankly unusual, chaotic for seven weeks in office. The markets today you're looking

at are down about another point or so, which is translated to about $350 billion lost in the S&P alone, on top of what I

showed you, the broader slide over the tariff chaos and a general concern over the new

president and the United States policies and where we're headed. So a president who began

tight with Wall Street has now committed what really looks like a massive fumble. It's the kind

of error that bankers see as avoidable as Donald Trump's fault, not what also can happen with

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