Stock futures fall as President Trump’s tariffs kick in setting the S&P 500 up for a fifth straight day of losses. This as the VIX, the CBOE’s volatility index or so-called fear gauge, hits levels not seen since the COVID pandemic.

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward. The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market,

U.S. stocks are falling after President Donald Trump doubled down on his tariffs, despite seeing how much markets would love to see him do the opposite.

History says the S&P 500 could fall much further if President Trump's tariffs drive the U.S. economy into a recession, but history also says the stock market will eventually recover. The S&P 500 ( ^GSPC -0.