Wall Street Traders Look Back on 2025’s Most-Wild Market Swings

Jed Ellerbroek barely slept.

It was the evening of Wednesday, April 2, and President Donald Trump had just appeared in the White House Rose Garden, brandishing a large placard with the punitive tariff rates he was slapping on countries around the world. On Wall Street, it quickly sunk in that Trump was serious about shattering a global trading system that he said was wired against the US.

Over dinner with his family and throughout the night — as Asian markets tumbled, initiating a meltdown that would continue around the globe — Ellerbroek, a portfolio manager at Argent Capital Management, tried to ...