The Russell 2000, which includes small companies that are more sensitive to downdrafts in the economy than those in the S&P 500, appears likely to enter a bear market.

Treasury yields, it was often said, act as a daily referendum on the sitting government, credit spreads provide the surest and most dispassionate assessment of corporate health, and bond vigilantes were the last line of defense against rogue politicians or company CEOs bent on pursuing damaging spending policies.

Not even a double-shot of good news on the U.S. economy seems to be enough to stop Wall Street’s bleeding. Stocks fell Thursday after President Donald Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.