The stock market sounds an alarm as investors get more bad news about President Trump's tariffs. History says this will happen next. The S&P 500 advanced 14% in the past year, but investors have reason to be nervous because President Trump’s tariffs have coincided with weakness in the jobs market.

NetApp NTAP cratered nearly 9% in heavy volume after Morgan Stanley downgraded the data storage and hardware stock to underweight from equal weight and cut its price target to 89 from 117.

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(Photo: A 3D-printed miniature model of U.S. President Donald Trump, and the EU and Greenland flags appear in this illustration taken January 17, 2026. Credit: REUTERS/Dado Ruvic/Illustration)