NEW YORK: Wall Street stocks plummeted Monday (Mar 10) as investors fretted that uncertainty over President Donald Trump’s tariff policy could tip the world’s biggest economy into a recession.
The moves came after Trump refused to rule out the possibility of a 2025 recession, saying there would be “a period of transition because what we’re doing is very big – we’re bringing wealth back to America”.
Tech stocks led the slump, with the tech-focused Nasdaq Composite Index marking its largest one-day loss since 2022.
The Nasdaq plunged by 4.0 per cent, bringing it to 17,468.32.
The broad-based S&P 500 Index retreated 2.7 per cent to 5,614.56 and the Dow Jones Industrial Average slid 2.1 per cent to 41,911.71.
Major tech names saw sharp losses, with Tesla shares diving 15.4 per cent.
Others among the so-called Magnificent Seven stocks – which include Google parent Alphabet, Amazon, Meta and Nvidia – also sank.
