Wall Street set for heavy losses, S&P 500 nears bear territory

A monitor displays stock market information on the floor of the New York Stock Exchange (NYSE) in New York, US, on Friday, April 4, 2025. The S&P 500 slumped 5.97% on Friday, closing out its worst week since Covid, as investors continued to pull away from US equities after China escalated the trade war by retaliating against President Donald Trump’s tariffs. Photographer: Michael Nagle/Bloomberg

Wall Street's main indexes braced for steep losses at the open on Monday, with the S&P 500 near bear market territory, as investors sought refuge in government bonds on economic worries over the fallout of U.S. President Donald Trump's sweeping tariff plans.

The 10-year U.S. Treasury yields fell to 3.986%, with investors pricing in a chance of a fifth interest-rate cut from the Federal Reserve this year.