Wall Street notched its worst day since the depths of the pandemic in 2020 as investors bet against the sweeping new trade barriers. Indexes overseas suffered deep sell-offs, too.

The broad-based S&P 500 index plunged nearly 5% — a roughly $2 trillion wipeout — for its biggest one-day drop since June 2020, amid the depths of the Covid-19 pandemic. The Dow Jones Industrial Average likewise had its worst day since the same month five years ago, closing 4% lower. The tech-heavy Nasdaq plummeted 6%, its biggest decline since March 2020.

A second COVID has hit the stock market.