According to @KobeissiLetter, the S&P 500 closed down 2.7%, its largest daily decline since April 10, erasing about $1.5 trillion in market cap as President Trump prepares massive tariffs on China (source: @KobeissiLetter). The equity drawdown tied to tariff headlines is a macro risk event that traders can monitor for potential cross-asset volatility, including crypto market sentiment shifts (source: @KobeissiLetter).