Research firms: US stocks lose $9.6 trillion in two days

US markets have seen their worst performance in years, losing an estimated $9.6 trillion in market value since President Donald Trump took office in January, according to data from FactSet and Dow Jones Market Data.

Since Friday, January 17, the business day before Trump’s inauguration, major indexes have begun a steep downward trajectory. The losses have accelerated to an unprecedented level in the past two days alone, wiping out $5 trillion in value, the largest consecutive loss in US history.

China’s Ministry of Commerce announced on Friday that the country will impose a 34% tax on all US products. This is in line with the tariffs on Chinese goods entering the United States that President Donald Trump announced on Wednesday.

European stocks fell on Friday, heading for a steep weekly loss as traders worried about the possibility of a global recession after US President Donald Trump announced sweeping tariffs on trading partners. The Nikkei index fell 2.75% at the close, down 9% for the week, its biggest weekly decline since March 2020. It also reached its lowest level since early August during the session.

The index has fallen 20% from its July peak, meaning it is in a “bear market” by some market definitions.

The broader Topix index fell 3.3%, closing down 10% for the week, its biggest weekly decline since March 2020.

Shares of Mitsubishi UFJ Financial Group, one of Japan’s largest banking groups, fell 11.6%, marking its biggest daily decline since August 5.