Stocks haven’t fallen this much since 2020. Their recovery could look different this time.

S&P 500 (^Gspc) has seen the worst week since Covid-19 stopped the global economy in March 2020.

The measurement index decreased by approximately 9 % between March 31 and April 4 in a sales process fed by customs tariffs. Likewise, with the spread of the epidemic throughout the United States, stocks lost 12.5 % in five trading sessions in 2020. But market experts say the shares will look different this time.

Although the S&P 500 returned to record the highlands only four months after the collapse of the epidemic, experts do not believe that investors should expect a quick return in 2025.

“At this stage, you are outside the story of a rapid recovery,” said the head of macro economics in the Renaissance Neil Dota to Yahoo Finance. “This is a confidence shock, so it will take some time to restore it.”

The last shock of the markets came from president Trump himself. With customs duties expected to reach its highest level in a century, consumers and companies feel the worst about the American economy path. This has also shook the investor’s confidence, as many recent bids have failed to fail at the market bottom in recent days.

The biggest difference between this shock and the presence with the epidemic is that the president has a potential “stop” key to chaos this time. However, at this point, Trump showed little signs of retreat.

“We need to see some evidence of some negotiation very quickly,” Mark Newton, head of the Fundstrat Technical Strategy, told Yahoo Finance on Tuesday when discussing what could stop the free market decline in the market.

The sale of the last market has been operated by fears that the Trump tariff may cut American economic growth. Some argue that they can bring stagnation.

In previous periods, such as the epidemic, when economic growth slowed, federal reserve reduces interest rates. This time, the federal reserve is not expected to save immediately.

Definitions are expected to slow down, but also enhance inflation. With the deviation of the markets last Friday amid a two -day sale of a two -day sale in the S&P 500 index, the Federal Reserve Chairman Jerome Powell said that “it is too early to determine what the appropriate monetary policy responds to these new policies.”

The markets move on each additional introductory address as investors try to pricing them in their influence. But for companies, the process is not that easy. Determining how to work with a 54 % tariff on exports from China, only to be converted to 104 % of the tariffs after a few days, provides an additional cloud of uncertainty that may slow down investment in companies.