S&P 500 fell 70 basis points, and the Dow dropped over 300 points during a volatile session Monday, according to Benzinga. Venture capitalist Chamath Palihapitiya said the effect is confined to Wall Street’s wealthy investors, citing data that the top 10 of U.S. households own nearly 90 of equities. He claimed half of Americans “have zero interest” in the market. BlackRock CEO Larry Fink disagreed, saying over 60 of Americans now invest in equities and will feel the effects. Fink warned tariffs could freeze consumption. Journalists and analysts noted tariffs are triggering a pricing shock, impacting credit, jobs, and retail.