Day one of Trump’s trade war delivers wild ride for Wall Street

The first trading day of U.S. President Donald Trump’s trade war with Canada and Mexico brought no shortage of drama to Wall Street.

The S&P 500 index tumbled 2% shortly after the open Tuesday, wiping out its $3.4 trillion advance since Election Day on Nov. 5. An afternoon rebound briefly erased the damage, but a late bout of selling left the index at its lowest level since Nov. 4, the day before Trump was elected.

Meanwhile, yields on 10-year Treasuries swung 11 basis points from trough to peak, the dollar slid and Bitcoin staged a rebound. Traders who had been expecting two Federal Reserve rate cuts this year are now pricing in three, with more than 50% odds the first will come in May.