The Globe and Mail reports in its Wednesday, April 9, edition that the S&P 500 experienced a sharp sell-off on Tuesday, closing below 5,000 points for the first time in nearly a year. A Reuters dispatch to The Globe reports that this decline occurred after the index reversed a strong morning rally. Similarly, the TSX also faced a reversal, ending at its lowest level in eight months. On Tuesday, the S&P 500 index fell by 1.6 per cent, resulting in a loss of several trillion dollars in market value since President Donald Trump announced substantial global tariffs against U.S. trading partners the previous Wednesday. Since the markets opened on Thursday, the index has dropped more than 12 per cent, marking its most significant four-day percentage decline since the pandemic began. Earlier on Tuesday, the S&P 500 had risen by over 4 per cent as investors hoped that Mr. Trump would ease his approach or postpone the April 9 deadline for the tariffs. The White House said on Tuesday afternoon that it expects 104-per-cent tariffs on China to go into effect on April 9. Quarterly earnings season will kick off later this week, with JPMorgan, Morgan Stanley and Wells Fargo set to report on Friday.