Stock wipeout continues

Stocks cratered for a second day following a tariff retaliation from China and a signal from the Fed that it won't be coming to the rescue.

• The S&P 500 fell another 6%, and it's now fallen 10.5% in two days — the largest two-day drop in five years, which sent it back firmly into correction territory.
• The Nasdaq shed another 5.8%, bringing its two-day drop to 11.4%, and putting the tech-heavy index into a bear market — down over 22% from its high in February.
• The two-day toll on small caps, represented by the Russell 2000, was 10.7%.

What they're saying: "Markets are crashing," Secretary of State Marco Rubio acknowledged today at a meeting in Brussels. But that was a necessary result to achieve a broader plan, he said.

• "Markets are based on the stock value of companies who today are embedded in modes of production that are bad for the United States."