Market Opens with Significant Losses Amid Economic Worries

Wall Street commenced Monday's trading session on a downward note, following a sharp decline in premarket trading. This downturn comes as US President Donald Trump, in a Sunday interview, did not dismiss the possibility of a recession, expressing his reluctance to predict such outcomes but acknowledging the economy is undergoing a 'period of transition.'

Impact of Chinese Counter-Tariffs and Federal Reserve's Stance

Adding to the economic tension, Chinese counter-tariffs targeting various US food exports took effect today. Federal Reserve Chair Jerome Powell highlighted that these tariffs, along with other economic policies by the administration, could sway the Fed's policy direction.

Stock Market Performance

By 9:30 am ET, the Dow Jones had dropped by 1.01%, or 430 points, with Goldman Sachs Group Inc. seeing a 2.68% fall. The Nasdaq 100 wasn't spared, losing 1.83% or 374 points, with Strategy Inc. leading the plunge at 5.71%. The S&P 500 also suffered, decreasing by 1.34%, as United Airlines Holdings Inc. fell by 6.36%.

Currency Exchange Rates

At 9:32 am ET, the euro was trading flat against the dollar at 1.08443.