Stocks fell sharply on Monday as Wall Street’s fears tied to President Donald Trump’s tariffs continue to pressure the market and investors wait for new economic data, especially inflation on Wednesday.

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After Donald Trump was named the president-elect of the United States, Tesla (TSLA) stock roared, reaching new highs. But backlash over CEO Elon Musk’s relationship with the president has erased all of those gains. 

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President Donald Trump triggered Monday’s stock market sell-off with his shifting tariff policies, which are bad news if they’re tactical and even worse if they’re long-term strategies, market observers said.

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With post-election gains in the rear-view mirror, Morgan Stanley’s (MS) chief U.S. equity strategist is raising some concerns about the fate of the S&P 500 through at least June. The gist? The Trump bump may morph into a protracted slump.

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Anthony Scaramucci, who recently authored The Little Book of Bitcoin and previously worked for Trump, breaks down the news in the crypto market

Regulatory clarity and new directives from the Trump administration will play a large role