Dow Tumbles Nearly 900 Points, Nasdaq Suffers Worst Day Since 2022 as Recession Fears Erupt
A three-week market sell-off intensified on Monday, with investors worried that tariff policy uncertainty would tip the economy into a recession, something President Donald Trump did not rule out over the weekend in an interview.
The S&P 500 shed 2.7%, touching its lowest level since September at one point and closing at 5,614.56. The tech-heavy Nasdaq Composite saw the sharpest decline of the major averages, falling 4% for its worst session since September 2022 and closing at 17,468.32. The Dow Jones Industrial Average dropped 890.01 points, or 2.08%, ending at 41,911.71.
The S&P 500 is off 8.7% from its all-time high reached Feb. 19, and the Nasdaq Composite is off nearly 14% from its recent high. A 10% decline is considered a correction on Wall Street.
The losses worsened as the day went on, but the major averages came off their session lows just before the close.
The “Magnificent Seven” cohort, once the stars of this bull market, led the declines Monday as investors dumped the group for perceived safer plays. Tesla tumbled 15% for its worst day since 2020, while Alphabet and Meta fell more than 4%. Artificial intelligence darling Nvidia lost 5%. Palantir, another once-loved stock by retail traders, was down 10%.
Source : CNBC
