2025 Market Turbulence: Tariffs, Growth Fears, and Strategic Shifts Reshaping Wall Street – Early 2025 optimism on Wall Street, driven by anticipated tax cuts and deregulation, has faded due to trade tensions and slowing growth. The S&P 500 is down 6.6% from its February high, and the Nasdaq Composite has fallen 10%, reflecting investor concerns about President Trump’s trade policies and their consequences.