The S&P Merval index in Argentina has experienced substantial volatility amid political and economic uncertainty. On June 4, 2025, the index suffered its worst daily decline in two months, driven primarily by losses in the banking sector. Over the past five months, the S&P Merval in U.S. dollars has lost approximately 25% of its value, influenced by a combination of corporate earnings reports and ongoing political developments. On June 5, 2025, the index plunged more than 4%, coinciding with a sharp decline in Argentine depositary receipts (ADRs) on Wall Street, which fell up to 7.3%, also led by banking stocks. Despite this, ADRs rebounded later that day, recovering up to 3%. The volatility extended to Argentine dollar-denominated bonds, which declined, although some recovery in ADRs was noted. President Javier Milei attributed the decline in Argentine bonds to the approval of deficit-increasing laws that undermine fiscal surplus. Analysts have drawn parallels between the current economic situation and past crises in Argentina, including those in 1981, 2001, and 2018. Economist Juan Carlos de Pablo evaluated recent government measures aimed at remonetizing the economy by encouraging the use of informal U.S. dollar holdings, known as "dólares del colchón." The financial turbulence on Wall Street has further impacted Argentine assets. By June 6, 2025, the S&P Merval showed signs of recovery alongside ADRs, which rose up to 2% on Wall Street. Commentary has also highlighted the fiscal management efforts by Javier Milei and Luis Caputo amid these challenges.