U.S. stock markets on Monday as investors grew increasingly fearful about tariffs — and a potential recession.
Wall Street was already coming off a volatile, negative week digesting the potential impact of new U.S. tariffs — and from how President Trump has implemented, and then delayed, some of them.
By the end of last week, the major U.S. indices had each dropped by more than 2% for the week. The S&P 500 fell 3.1% — its largest decline since September.
Then, in a weekend interview with Fox °µºÚ±¬ÁÏ, Trump the possibility of a recession.
"I hate to predict things like that," Trump told Fox °µºÚ±¬ÁÏ. "There is a period of transition, because what we're doing is very big. We're bringing wealth back to America."
In contrast, Trump's Commerce Secretary, Howard Lutnick, told that there was "no chance" of a recession.
But by midday Monday, U.S. investors appeared more worried than reassured.
The Dow was down about 500 points, or 1.2%, in midday Monday trading. The S&P 500 fell by another 2.2%, and the tech-heavy Nasdaq slumped more than 3.3%.
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