NEW YORK (AP) — Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month.

It was only three years ago that a dispute between an infamous crypto billionaire and a titan of the financial establishment became the center of attention at an annual event known as the Davos of the derivatives market.

Oppenheimer’s John Stoltzfus, the most bullish strategist on Wall Street with a target for the S&P 500 to hit 7,100 by the end of 2025, is standing firm, even as other strategists have cut their outlook for U.

U.S. stocks climbed on Friday, advancing amid signs the federal government may avert a shutdown and recovering some of the losses suffered during an escalating trade war.