Or, this the beginnings of a sell-off as the rest of the world realizes that the US is no longer a reliable (trading/military/alliance) partner, and will move to mitigate the dependency for the rest of the world's mutual preservation.

Also - this implosion is happening WAY faster than the dotcom bubble pop and even 2020 COVID lockdown selloff, and there is no stimulus coming to save the market this time.

This was somewhat predictable, as Trump doing illogical Trumpian things, but somehow he even exceeded the maximum irrationality predicted by the market, thus, the heightened adverse reaction.

"Market" predicted he will remove consumer protections, environmental protections and that some companies will be able to profit from top level corruption. There fore "market" thought this will be good for them in the short term and went up.

He went off like an idiot on tariffs the very first weekend. Canada & Mexico if you recall.

I recall. They went up after election, before they realized he will do more then just enable white collar crime.