S&P 500 fell 70 basis points, and the Dow dropped over 300 points during a volatile session Monday, according to Benzinga. Venture capitalist Chamath Palihapitiya said the effect is confined to Wall Street’s wealthy investors, citing data that the top 10% of U.S. households own nearly 90% of equities. He claimed half of Americans “have zero interest” in the market. BlackRock CEO Larry Fink disagreed, saying over 60% of Americans now invest in equities and will feel the effects. Fink warned tariffs could freeze consumption. Journalists and analysts noted tariffs are triggering a pricing shock, impacting credit, jobs, and retail.
