Panic returns to Wall Street. The stock market fear gauge has plunged to 25, flashing Extreme Fear on the CNN Fear & Greed Index. After hitting record highs in August, the S&P 500 and Nasdaq are now down over 5–7% as Trump’s 100% China tariff shock rattled global markets. The VIX surged and $19 billion in Bitcoin positions were wiped out. Treasury yields jumped as investors fled to safety. Fear now dominates markets that were euphoric just weeks ago.