Analysts are concerned that investors’ fears go beyond tariffs and point to broader economic uncertainty. The market rally following President Donald Trump’s reelection is effectively over. The S&P 500 has lost nearly all of its post-election gains as Wall Street responds to Trump’s decision to move forward with aggressive tariffs.

The U.S. stock market is gaining ground Wednesday as the U.S. softens its position on some tariffs against several key trading partners. The shift comes a day after a sharp tumble