It's a multitude of things.
- High interest rates trying to combat inflation.
- AI, tech's latest, greatest thing is looking like a flop, at least from hype perspective.
- Tariffs.
1 and 2 have been constant for months now. In fact, rates have already started going down after inflation did.
So no, it's mostly the tariffs.
The market was/is hyper inflated like 2001. It usually takes several things to finally force a correction.
This is delusional. The stock tanked literally the moment the board came out. Futures went -5% across the board. The actual minute China announced retaliation: boom.
Tariffs were the catalyst, but high interest rates certainly put downward pressure on markets, which was the intent, to cool inflation. Also the profitability underperformance of AI is very similar to all the .com companies who constantly lost money but had soaring stock prices. Companies like Microsoft and Google have poured billions into AI and it doesn't look like they are going to get a ROI any time soon.