U.S. Stocks Lead Global Sell-Off With Over $10 Trillion in Market Value Wiped Out

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S&P 500 sheds 17.4% since February peak; global markets lose nearly $13 trillion — but America bears the brunt

April 4, 2025 — The U.S. stock market is absorbing the heaviest losses in the ongoing global equity sell-off, with over $10 trillion in market value wiped out since mid-February, following the latest round of tariff escalations by President Donald Trump.

According to S&P Dow Jones Indices, the S&P 500 alone has lost $9.06 trillion in market capitalization since its February 19 record high of $52.05 trillion, representing a 17.4% decline. The index closed Friday at $42.99 trillion, after shedding $5.06 trillion over the past two trading sessions alone — a 10.5% drop sparked by heightened tariff fears.

📉 U.S. Market Overview

S&P 500 Market Cap
- 2/19/25: $52.05T
- 4/4/25: $42.99T
- Loss: $9.06T (–17.4%)
Broad U.S. Market Cap
- 2/19/25: $59.73T
- 4/4/25: $48.91T
- Loss: $10.82T (–18.1%)

The S&P 500 represents 87% of the entire U.S. equity market, highlighting how concentrated the downturn has been in large-cap stocks.

🌍 Global Markets Faring Better

While global equities are also in decline, the magnitude of losses is far less severe outside the U.S.:

Global Market Cap (All countries)
- 2/19/25: $93.84T
- 4/4/25: $80.96T
- Loss: $12.88T (–13.7%)
Global Market Cap, ex-U.S.
- 2/19/25: $34.10T
- 4/4/25: $32.05T
- Loss: $2.06T (–6%)

This divergence underscores how Europe and Asia have outperformed during the latest downturn, offering relative resilience as U.S. markets unravel more sharply.

🧾 Takeaway

The U.S. stock market led the global rally in 2024, and it is now leading the global pullback. With over $10 trillion in U.S. equity losses, investors are questioning whether global markets will eventually catch up to the severity of the American decline — or if this divergence signals a geographic shift in investor confidence.

All eyes now turn to next week’s Federal Reserve policy meeting and any potential new trade developments, as investors seek clarity in an increasingly volatile global landscape.