Fears regarding President Donald Trump’s tariffs helped trigger a noticeable downturn in the stock market over the weekend, but a wider set of factors are setting off alarm bells for analysts.

Consumer sentiment has declined significantly since January. The University of Michigan’s consumer survey found a 9.8% decline in its index of consumer sentiment from January to February, with the decline evident across every age, income, and wealth group. All five recorded index components fell, led by decreased hopes of Democrats and independents, while Republicans remained optimistic.

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