President Donald Trump introduced tariffs recently, causing the S&P 500 to briefly dip into bear market territory, a 21% drop from its recent peak. Following the tariff announcement, stock prices plummeted, with the Nasdaq-100 also entering a bear market. A bear market is classified by a 20% decrease from a record high on a closing basis. The S&P 500 peaked at 6,144 on February 19, which means the benchmark index's bear market threshold is roughly 4,915. While the S&P 500 hit an intraday low of 4,835, marking a peak-to-trough decline of 21%, it managed to recover slightly to close at 5,062. Despite the decline, the S&P 500 did not officially enter a bear market as it is assessed based on closing values. Similarly, the Nasdaq-100 also fell into a bear market on Friday. Investors have expressed concerns over inconsistent statements from White House officials regarding negotiations, with Commerce Secretary Howard Lutnick indicating that tariffs would remain in place. Market strategist Michael Reinking suggests this market decline could be one of the quickest in history, second only to the pandemic-induced bear market of March 2020.