The Nasdaq Composite entered a 10% correction from its February high Monday, with Nvidia and Tesla stocks again headlining losses.
Topline
The stock market selloff stretched into a new week, with the latest losses again tied to comments from President Donald Trump, whose wide-sweeping and oft-changing tariff policies have rattled Wall Street confidence, as early fears of a recession emerge.Key Facts
All three major U.S. stock indexes fell when markets opened Monday, erasing Friday afternoon’s comeback.
The Dow Jones Industrial Average dropped 1.2%, or 530 points, by early afternoon, while the S&P 500 declined 2.2% and the Nasdaq Composite sank 3.6%.
The benchmark S&P and the Nasdaq hit their lowest respective levels since mid September.
Driving Monday’s pullback was Trump’s interview with Fox News’ “Sunday Morning Futures” released Sunday.
During that sitdown, Trump declined to rule out a recession, warned of a period of economic “transition” and cautioned “you can’t really watch the stock market.”
Trump’s comments are “weighing on sentiment” and “did nothing to ease investor concerns about ongoing policy chaos,” Sevens Report founder Tom Essaye wrote in a Monday note to clients.
