The great global stock market meltdown

Researched by: Aarthi Ramnath, Raghav Bikhchandani & Yash Budhwar

The great global stock market meltdown

To be fair, the markets went from black to green, down back to black again—and ended in… who knows where.

The Wall Street whiplash massacre: In early trading on Monday, the S&P 500 fell more than 20% since its most recent peak in February—breaching the official "bear market" threshold. The Dow Jones Industrial Average shed as much as 1,700 points. Then (false) rumours of a 90-day moratorium sent the markets spiraling upwards—surging more than 7% in a matter of minutes—only to come crashing down. When the dust settled, the S&P 500 was down about 0.2%—and Dow Jones was down only 300 points. Data point to note: “The S&P 500 jumped over 8% in about 30 minutes, but then shed 5% of those gains in the next 20 minutes.” Good times!

The bigger picture: The S&P 500 has lost more than 10% of its value over three days—matching declines seen during the 2008 financial crisis and at the onset of the pandemic in 2020.

Wait, there’s more: Unsatisfied with the level of mayhem, Donald Trump has threatened to slap an extra 50% in tariffs on China if Beijing doesn’t take back its own retaliatory tariff on US goods. This would add up to 104% tariffs on Chinese goods. Beijing’s fighting response:

The US threat to escalate tariffs on China is a mistake on top of a mistake and once again exposes the blackmailing nature of the US. China will never accept this. If the US insists on its own way, China will fight to the end.

The billionaire rebellion: Unsurprisingly, all the Wall Street fat cats who backed their man Donald are very, very mad. Every billionaire donor from Home Depot co-founder Ken Langone to ultrarich investors like Bill Ackman rushed to express their dismay—Ackman complaining: “This is not what we voted for!” Even Elon Musk made a vid asking for a “zero tariff situation.” On the upside: this is the cleanest and sanest he’s looked in months.

Hope springs eternal: Everyone—including India— is hoping that one-on-one deals with the White House will undo much of the damage:

…[G]overnments around the world raced to schedule phone calls, send delegations to Washington and submit proposals to lower their import taxes to escape the tariffs. Mr. Trump and his advisers have offered conflicting signals on whether the United States is willing to negotiate.

The problem with Trump’s ‘art of the deal’ is that it's code for ‘just lie back and take it’.

Meanwhile, in India: Let’s start with the somewhat good news:

Even oil prices have tanked—which is usually seen as an early warning of a global recession. But it offers relief for India since it brings down import prices.
Apple plans to ship more of its iPhones from India—to deal with the insanely high tariffs on China and Vietnam. This is a “stopgap measure” for now—rather than a full-blown pivot.
External Affairs Minister Jaishankar managed to get Secretary of State Marc Rubio on the phone—and push for an early trade agreement. Hey, they’re still taking our calls!
The hope: New Delhi can negotiate a suspension of that 26% tariff until the agreement is signed—or at least get relief for key sectors such as textiles, engineering goods, and electronics goods.

Ok, time for the bad news: Dalal Street had its worst opening since the pandemic: “After a 5% lower opening, the Nifty and Sensex on Monday traded in the red throughout the day before settling 3% lower.” The tariffs have wiped out nearly Rs 14 trillion of India's investor wealth. Also this: “For every stock that rose, eight fell. The market's fear index shot up over 65% during the session, before closing 53% higher.”

But, but, but: Indian investment bankers remain cheery—advising people “not to overread the dip”—and see “this as a window of opportunity to lean in and not pull back.” Of course, they may not have an entirely unbiased view of matters.

Reading list: BBC News and Quartz have deets on Mad Monday. Axios looks at the ‘chicken’ game between Washington and Beijing. All the Mint analyses on tariffs and stocks are behind a paywall—but The Telegraph offers a good round-up of expert views, while MoneyControl has more on the state of Dalal Street. The Hindu has more on the Rubio call. Wall Street Journal (splainer gift link) has the exclusive on Apple’s India plans. The Economist (login required) offers a big picture look at how Trump’s trade war threatens a global recession.

China’s clear air heats up the planet

The context: It’s long been known that cutting air pollution can actually increase global warming. Why? Because pollutants like sulphate aerosols—released when we burn fossil fuels—act like a shield. They reflect sunlight and help form brighter, longer-lasting clouds. So when you clean the air, you remove that shield… and the planet heats up even faster.

What China did: In the early 2000s, China had among the dirtiest air on the planet—thanks to rapid industrialisation. Under the gun due to the 2008 Beijing Olympics, the government moved with lightning speed to clean up—which led to a dramatic drop in sulphate aerosols—by a massive 75%.

The dhamakedar data: A new study has managed to pin down exactly how much this clean-up has contributed to global warming. And the numbers are wild.

In total, China’s air pollution crackdown is responsible for 80% of the increased rate in global warming seen since 2010.. around an extra 0.05°C (0.09°F) per decade. If you look at the full amount of warming since 1850, about 0.07°C (0.13°F) can be attributed to the clean-up in Chinese aerosols.

That’s around 5% of the total rise in temperature since the Industrial Revolution—which is how we measure global warming due to human activity. Also this: Since 2010, the planet’s rise in temperature has sped up from from 0.18°C per decade to about 0.24°C—mostly due to China’s clean-up.

Why China, specifically? It’s not just about how much pollution was cut, but where.

“When you emit aerosols over China, they are taken by the atmospheric circulation, transported out over the Pacific, so they spread over a large area… The same amount of emissions from India would not have had the same effect on global warming.”

Satellite data backs it up—showing distinct warming patches over the North Pacific in recent years.

But, but, but: While this is a climate curveball, the benefits are undeniable. It helped avoid 150,000 premature deaths per year due to air pollution.

What next?: The good news is that China’s air is now fairly clean—which means there won’t be a ‘Beijing Effect’ on global temperatures moving forward. "That should mean the rate of warming should fall back to near the 0.18°C per decade rate recorded before 2010." But other clean-air efforts—like 2020’s new global shipping fuel standards—could still tip the balance in other regions.

Quick reminder: This study hasn’t been peer-reviewed yet. The conclusions are compelling—but still await a seal of scientific approval. (New Scientist, paywalled)

Babies may not be goldfish after all

The big Q about babies: Most of us have few memories from before the age of 4. Scientists chalked that up to baby brains not remembering a damn thing. A new study suggests otherwise—which may or may not be a good thing.

What is that baby thinking? In a first-of-its-kind study, Yale researchers popped 26 toddlers—aged 4 months to 2 years—into fMRIs and showed them pictures of faces, objects, and landscapes (this feat in itself ought to earn them some kind of prize). They tracked how long the babies looked at each image—and what parts of their brains lit up.

What they found: In some cases, when babies saw an image for the first time, blood flow surged in the brain region tied to memory in adults. And when those images reappeared, the babies stared at them longer, a subtle but powerful sign of recognition. The effect was strongest in babies over 12 months.

Why it matters: Most memory research is conducted on older kids who can talk. We now have the opportunity to understand how babies experience—and possibly process—the world around them “at a time of furious change and growth.” Some researchers even want to “unlock these memories” in later life—a prospect that horrified some splainer team members. Who wants to remember their pooping, peeing, drooling selves? Also, do you really want to know how often parents drop their babies? Nope, you do not. (Wall Street Journal, paywalled, Al Jazeera)

Brilliant news for endometriosis patients

The context: Endometriosis is a painful condition that affects roughly 10% of reproductive-age women around the world—about 190 million people. The condition occurs when “tissue similar to the lining of the uterus grows in other parts of the body, forming lesions.” Symptoms include severe pain, heavy menstrual flow, bowel and bladder issues, fatigue, and difficulty getting pregnant. It is often difficult to diagnose—and even more difficult to treat.

What happened now: A new study out of Edinburgh University shows that changing your diet and taking diet supplements can significantly reduce the pain caused by the condition.

The largest international survey ever conducted on diet and endometriosis, involving 2,599 people, found 45% of those who stopped eating gluten and 45% of those who cut out dairy reported experiencing an improvement in their pain. When women cut down on coffee or other caffeine in their diet, 43% said their pain was reduced, while 53% of women who cut back on alcohol reported the same.

Also this: “[A]lmost 40% of respondents reported reduced pain from endometriosis after cutting out processed food like ready meals, ice-cream and sweets, which are known to alter gut bacteria.”

Why this matters: Since we don’t know what causes the condition, it is treated either by surgery—which is a short-term solution—or a hormone pill that causes all sorts of nasty side effects. Above all, the findings put women in control of their own bodies:

It really feels like we are on the cusp of something pretty big with understanding how diet affects endometriosis symptoms. It is so important for women if they feel they can do something for themselves to tackle the pain of endometriosis – that is tremendously empowering.

The Guardian has more on the study.

Andaman tribes face new threat: Social media influencers!

Who are the Sentinelese: They are described as "the most isolated Indigenous people in the world”—who live on the North Sentinel island—which is the size of Manhattan. There are an estimated 200 Sentinelese but since they avoid all human contact—we don’t have exact numbers. Since 1956, India has listed the island as a tribal reserve and banned anyone—Indian or foreign—from coming within 5 km of the island. But even Navy patrols haven’t stopped people from trying. In 2018, an American missionary named John Allen Chau was killed by the tribe when he illegally entered the island—with hopes of converting the Sentinelese.

Here come the YouTubers: This time, the invader is a thrill-seeking American YouTuber named Mykhailo Viktorovych Polyakov—who operates a travel YouTube channel called ‘Neo-Orientalist’ (which ought to tell you everything you need to know about him). These include videos of the 24-year-old posing and firing weapons in what he claims to be “Taliban-controlled Afghanistan.” This is his Indian police mugshot:

Mr Polyakov makes many visits: This wasn’t his first offence. Polyakov attempted two previous visits to North Sentinel Island:

In October, hotel staff stopped his attempt to go to North Sentinel Island using an inflatable kayak, the police said. In January, he reached Baratang Island, in the archipelago, and “illegally videographed” another tribe, the Jarawa, the police said.

This time around, he hung out offshore blowing a whistle for over an hour—trying to attract the attention of tribe members. Was he literally cat-calling them?!! When that didn’t work, he went ashore and left gifts. One: A coconut—obviously in short supply on a tropical island. Two: A can of Diet Coke—just in case the islanders were on a diet.

The good news: No one paid any attention to Polyakov or his “gifts.” He returned to South Andaman only to be reported by local fishermen—who seem to have been paying more attention than our Navy. Polyakov is being interrogated during his three-day police custody.

Why this is a serious crime: Jokes apart, idiotic influencers pose a lethal hazard to uncontacted—and endangered tribes—as experts emphasise:

This person’s actions not only endangered his own life, they put the lives of the entire Sentinelese tribe at risk. It’s very well known by now that uncontacted peoples have no immunity to common outside diseases like flu or measles, which could completely wipe them out.

These tribes—be it in India or the Amazon—are already under threat from logging, mining and tourism. (New York Times, login required, BBC News)

what caught our eye

business & tech

As Trump’s tariffs rattle the markets, women-led businesses are bucking the trend—and beating the downturn.

sports & entertainment

Following the success of the propaganda film ‘The Kerala Story’, director Sudipto Sen is taking his next project—’Charak’—all the way to Cannes
RIP Jay North—the former child actor best known for his starring role as ‘Dennis the Menace’—has died at the age of 73.
Over in the IPL, Krunal trumps Hardik in the Pandya brothers’ battle—RCB edged out Mumbai by 12 runs, with Krunal taking four wickets. It’s RCB’s first win in Mumbai in a decade.

health & environment

Scientists have found ‘dark oxygen’ 4,000 metres below sea level—Popular Mechanics explains its significance.
Four in ten beauty and personal care products sampled in India contain harmful compounds like siloxanes.
With whooping cough cases re-emerging in the US amid a decline in vaccine coverage, a new study has identified antibodies to enhance existing whooping cough vaccines.
A new UN report on maternal mortality rates around the world revealed that at 52 deaths a day, India accounted for the second-highest number of maternal deaths in 2023.

meanwhile, in the world

The Israeli military backtracked on its account of killing 15 Palestinian medical workers in March—after the release of video evidence contradicted the Israelis’ claims.
A Dhaka court has sentenced 70 pro-Awami League lawyers to jail on charges like ‘assault’ and ‘attempt to murder’ fellow lawyers
Advisers to the Donald have said that over 50 countries have reached out for tariff talks with White House—following the Donald’s bombshell Liberation Day tariffs.
Also from the Trump administration: pumping $45 billion into expanding immigrant detention, calling on contractors to build facilities, provide guards, and run a massive deportation machine.
A top court in South Korea has ordered the removal of President Yoon Suk Yeol—four months after his impeachment.
In a surprise twist, Trump says the US is in “direct talks” with Iran—with a high-stakes nuclear meeting set for Saturday.
Honda’s exec VP Shinji Aoyama has quit over misconduct allegations at a social event—prompting a shake-up of the company’s top brass.
The Telegraph has a history lesson on the weaponisation of red lipstick as a symbol of resilience and rebellion.

meanwhile, in India

The Madras High Court has extended Kunal Kamra’s interim anticipatory bail until April 17—a major boost amid Mumbai Police’s investigation of his most recent standup special.
After being dropped by BookMyShow, Kamra wants the platform to hand over audience data from his shows.
In FY2023-24, the BJP bagged Rs 2,243.9 crore in donations—6x the donations received by Congress and three other parties combined within the same time period.
Ishan Bakshi in Indian Express argues that Indian households have a debt problem—which reflects structural defects within the economy.
San Francisco Standard has a bombshell report on allegations of abuse against Rippling co-founder Prasanna Sankar—revealed by his wife Dhivya Shashidhar.

Five things to see

Editor’s note: If you make it past the first two items, there are a lot more pleasant things to see at the end. We promise!!

One: The Istanbul Photography awards is a prestigious global contest organised by the Turkish news agency Anadolu Ajansı. Many of the photos are not beautiful or heart-warming—like the others we often share. The overall winner this year is this image that shows the “indescribable suffering of the parents whose children were killed in an Israeli airstrike.” It is titled ‘Gaza-Deir al-Balah’ and was taken by the Palestinian photographer Saeed Jaras. It reminds us of the value of images—which “speak” when no words will suffice. (Anadolu Ajansı)

Two: On Sunday, during the Ram Navami procession, devotees—including minors—carried swords, tridents, knives and spiked maces while chanting ‘Jai Shree Ram’. This clip isn’t from UP or Madhya Pradesh. This is Howrah, West Bengal. (The Hindu)

Meanwhile, in Mumbai: Independent journalist Kunal Purohit shared videos of Ram Navami processions singing hate songs with lyrics such as 'Aurangzeb Ki Kabr Khudegi’, ‘Maa Ch*degi’ and ‘Maa Ch*degi', and ‘Bharat Mein Jo Desh Drohi Hai, Unki Ma Ka Bh*sda’. See the first one here:

Three: The once-extinct dire wolf has been revived after 12,000 years—thanks to Colossal—the company trying to genetically revive everything from the woolly mammoth to the Tasmanian tiger and the Dodo. These are six-month-old males Romulus and Remus and the two-month-old female Khaleesi. New Yorker (login required) and TIME have more. Check out the pups and their gray wolf parents below.

Four: The reboots will never end. Here’s the trailer for ‘Tron: Ares’—a reboot of the cult classic Tron movies—revived after 15 years. Jared Leto plays Ares—which is perhaps the only promising bit of news. The movie hits the theaters on October 10. (Ars Technica)

Five: Wes Anderson is back! In his newest flick ‘The Phoenician Scheme’, Benicio Del Toro plays business magnate Zsa-zsa Korda—one of the richest men in Europe—whose daughter Mia Threapleton is a nun. The father-daughter duo—with their tutor who is played by Michael Cera—go on Anderson-like adventures. Rest of the star studded cast include Tom Hanks, Bryan Cranston, Scarlett Johansson and Benedict Cumberbatch! The film will have a limited release on May 30 and a wider one on June 6. See the trailer here. (Variety)