US Stocks Erase 2026 Gains on Tariff Fears, Global Bond Rout

US stocks erased their year-to-date gains amid worries over a full-blown trade war with Europe and a selloff in Japanese bonds that sent US Treasury yields higher.

S&P 500 Index fell 2.1% in its biggest one-day decline since October. The Nasdaq 100 also slid 2.1%. Wall Street’s complacency was shaken as the Cboe Volatility Index, or VIX, jumped above 20 to reach the highest level since November. Gold rallied, Treasuries fell and the dollar retreated.