A stock selling stampede abated as traders boosted expectations for Federal Reserve rate cuts amid economic fears just days ahead of President Donald Trump’s deadline for reciprocal tariffs to take effect.

Futures on the S&P 500 lost about 2.5% on Monday, trimming a earlier slide of about 5.5%. A $9.5 trillion wipeout in global equity value put the US equity benchmark on the brink of a bear market. Investors have dumped risk and snapped up bonds, with two-year yields tumbling as much as 22 basis points before paring the move. Markets priced 125 basis points of easing by year end, equivalent to five quarter-point cuts.