US equity futures plunged, putting the S&P 500 on track for a bear market as the Trump administration dug in on a trade war economists warn will tip the world’s largest economy into recession.

Contracts on the S&P 500 Index were down 3.7% as of 12:50 a.m. in New York on Monday, after the underlying index sank 10% in the previous two sessions. The rout in futures would leave the cash index on pace to fall more than 20% from its February record. Nasdaq 100 Index futures sank 4.5%, after the tech-heavy gauge entered a bear market Friday. Russell 2000 futures lost 4%.