Ahead of the New York market opening, the S&P 500 index is projected to experience a loss of approximately 0.47%, with futures down by 1.00% since the prior close. This follows a trend observed over the last 20 days where the S&P has underperformed relative to global assets correlated with risk sentiment, showing a cumulative underperformance of 0.3% during that period. In a more recent update, the S&P is expected to decline by 0.49%, while futures are down 0.91%. The most bullish signal is coming from commodities, which is slightly negative at -0.04%, whereas global equities are showing a more bearish outlook at -0.65%. A further analysis indicates that the S&P has cumulatively underperformed by 1.87% compared to global asset signals over the last 20 days. The recent selloff has raised concerns, with historical data suggesting that past corrections of similar magnitude have often resulted in prolonged market weakness. Additionally, a tariff-sensitive equity basket has outperformed the S&P over the past two weeks, despite the overall negative sentiment in the markets.