U.S. stocks have had a rough go of it since President Donald Trump was sworn into office for his second term in January.

Since Jan. 17, the Friday before Inauguration Day, the U.S. stock market has seen $9.6 trillion in value erased, according to data from FactSet and Dow Jones Market Data. Of those losses, $5 trillion has been erased just over the past two days -- the largest two-day loss on record.

Major equity indexes were seeing their losses deepen in early trading on Friday. The Dow was down by more than 1,200 points in recent trading, bringing its losses since the market opened on Thursday to nearly 3,000 points.

The S&P 500 was down by 3.6%, while the Nasdaq Composite was off by 3.8%, leaving it on the cusp of bear-market territory. The Russell 2000 has fallen by another 4.1% since it became the first major U.S. equity index to enter bear-market territory on Thursday.