Abstract
It has been a wild ride in equity markets after the corrective movement beginning the last week of February. In April the selling turned into a panic freefall in prices after the Trump tariff announcement. The tentative low on the U.S. equity indexes on April 7 certainly felt like capitulation selling. With an almost -21% peak-to-trough drop in the S&P 500 and a -25% drop in the Nasdaq-100, equities have recorded bear market losses consistent with a mild recession already. The last “mild” recession, that of 1990–91, saw the S&P 500 only fall -20%.