‘The World Is Different Now’: Market Convulsions Hit Wall Street

All across Wall Street, on the trading desks and in corporate C-suites, among hedge-fund managers and bond dealers, there’s a growing unease that one day soon, Donald Trump might just end up breaking not only the economy, but also key parts of the financial markets.

After equity markets in Asia and Europe plummeted for a third day, the S&P 500 Index in the US ended the day down just 0.2%, slowing the worst slide since the pandemic hit the US in 2020.

But beneath the surface, anxiety continued to send unusual convulsions through markets, causing benchmarks in stocks and bonds ...