U.S. stock market capitalization briefly shed $3 trillion intraday, now narrowed to approximately $2.5 trillion.

According to Gate market data, the total U.S. stock market capitalization shrank by approximately $2.3 trillion within about an hour after today’s market open. During the session, the S&P 500 index briefly hit an intraday low of 7,394—down 3.83%—pushing the day’s peak market cap loss to roughly $3 trillion. As of now, markets have rebounded, narrowing the total market cap decline to approximately $2.5 trillion.