Monday’s session in the S&P 500 index futures saw any Easter cheer vanish as trade wars and hot wars helped to fuel a bearish rout. Sellers pounced, shredding hopes of a rebound amid escalating global tensions.

Overnight, sellers seized control Sunday night, gapping down slightly and failing to touch last week’s close. The steady bleed gained steam into the morning, exploding after the opening bell as reports hit of Putin’s 30-hour ceasefire ending and a one-month pause on Ukrainian energy strikes expiring. Trump’s ongoing attacks on Fed Chair Jerome Powell, paired with a lack of tariff deals seemed to further crush bull spirits. Sellers carved through support at last week’s low as well as the premarket low in the 5240-5250 zone.

Bulls rallied near April 10’s low around 5150, but sellers pushed the session’s low to 5127.25. Buyers and profit-taking shorts sparked relentless buying in the final hour, somewhat softening the blow. The session closed below the day’s midpoint at 5184.75, down 128 handles. Tuesday brings more fedspeak and a flood of earnings, including Tesla Inc (NASDAQ: TSLA) at approximately 4:09 PM ET. 

None of the index’s top components escaped the carnage, but JPMorgan Chase & Co (NYSE: JPM) was the smallest loser, slipping $3.01, or 1.30%, to close at $228.99.

That outpaced the cash index’s 2.38% tumble by over one percent. 

Tesla Inc (NASDAQ: TSLA) took the heaviest hit, cratering $14.39, or 5.96%, to close at $227.42. This swoon comes as investors continue to lower their expectations for its latest Q1 earnings report.