Market Overview - The U.S. stock market experienced a significant sell-off, with over $1.5 trillion in value lost in a single trading day, resulting in a 2.7% drop for the S&P 500 (SPX), marking its largest daily decline since April [2][11] - The technology sector was particularly affected, with megacap tech companies losing approximately $770 billion in market value, contributing to the Nasdaq's (NDAQ) biggest drop since April [3][11] Consumer Financial Health - Vehicle repossessions have surged to their highest levels since 2009, indicating increasing consumer stress due to high car prices and rising interest rates impacting household budgets [4][11] Economic Policy and Trade - The European Union is developing a new trade proposal with the U.S. aimed at resetting economic ties and reducing tariff friction, potentially including the elimination of tariffs on industrial goods and preferential market access for U.S. seafood and agricultural products [6][11] Employment and Taxation - The U.S. Education Department announced significant layoffs affecting nearly 50% of its workforce, reflecting broader federal budget constraints [7][11] - New tax laws set to take effect in 2026 will increase income brackets, providing the largest tax breaks to the lowest earners and raising the standard deduction to $16,100 for single filers and $32,200 for married couples filing jointly [8][11] Investment Trends - A report indicates a shift in the investment landscape, with more lower-income Americans turning to the stock market as homeownership becomes increasingly unattainable, although associated risks are reportedly rising [9][11]