Only a few months into 2025, the sharp decline of the U.S. stock market has prompted some of Wall Street’s top forecasters to scale back their bullish predictions for the S&P 500.

Wall Street, already on edge over the next tariff announcements from President Donald Trump, turned lower early Thursday ahead of the latest data on inflation and layoffs. Futures for the S&P 500 lost 0.

The hope on Wall Street is that Trump is using the threat of tariffs as a tool for negotiations and that he’ll ultimately go through with policies that would mean less damage for the global economy and trade. Tariffs could raise prices on everyday items even more for U.S. households, when high inflation has proven to be stubborn to subdue fully.