The US stock market's sell-off cut deeper on Monday as Wall Street questioned how much pain President Trump will let the economy endure endure through tariffs and other policies in order to get what he wants.
- The S&P 500 fell 155.64 points, or 2.7%, to 5,614.56.
- The Dow Jones Industrial Average fell 890.01 points, or 2.1%, to 41,911.71.
- The Nasdaq composite fell 727.90 points, or 4%, to 17,468.32.
It was the worst day yet in a stretch where the S&P 500 has swung more than 1%, up or down, seven time in eight days because of Trump's on-and-off again tariffs. The worry is that the whipsaw moves will either hurt the economy directly or create enough uncertainty to drive US companies and consumers into an economy-freezing paralysis, the
AP reports.
The worries hitting Wall Street have been hurting some of its biggest stars the most. Big Tech stocks have slumped sharply. Nvidia fell another 5.1% Monday to bring its loss for the year so far to more than 20%. It's a steep drop-off from its nearly 820% surge over 2023 and 2024. Elon Musk's Tesla fell 15.4% to deepen its loss for 2025 to 45%. Stocks of companies that depend on US households feeling good enough about their finances to spend also fell sharply. Cruise-ship operator Carnival dropped 7.6%, and United Airlines lost 6.3% . On the winning side, Redfin's stock jumped 67.9% after Rocket said it would buy the digital real estate brokerage in an all-stock deal valuing it at $1.75 billion. Rocket's stock sank 15.4%.
The S&P 500 is down roughly 9% from its all-time high set on Feb. 19. The economy has already given some signals of weakening, mostly through surveys showing increased pessimism. And a widely followed collection of real-time indicators compiled by the Federal Reserve Bank of Atlanta suggests the US economy may already be shrinking. Asked over the weekend whether he was expecting a recession in 2025, Trump said: "I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing." He then added, "It takes a little time. It takes a little time."
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It's not just stocks struggling. Investors are sending prices lower for all kinds of investments whose momentum had earlier seemed nearly impossible to stop at times, such as bitcoin. The cryptocurrency's value has dropped below $79,000 from more than $106,000 in December. Instead, investors have been bidding up US Treasury bonds as they look for things whose prices can hold up better when the economy is under pressure. That has sent prices for Treasurys sharply higher, which in turn has sent down their yields.
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