Market Turmoil Grips US Stocks

Amid escalating fears of an economic downturn, US stock markets witnessed a significant slump on Monday. The downturn was primarily fueled by President Donald Trump's tariff policies and the intensifying trade war between major global economies. Adding to the concerns, Trump did not rule out the possibility of the US economy entering a recession, further unsettling investors.

Major Indices and Tech Stocks Take a Hit

By 12:57 pm ET, the Dow Jones had fallen by 1.88%, or 801 points, reflecting the market's nervousness. The Nasdaq 100 and the S&P 500 weren't spared either, with declines of 3.83% and 2.70%, respectively. Leading the losses were major tech companies, with Tesla experiencing its largest single-day drop since 2023, plummeting by 14%. Nvidia and Apple also saw significant declines, dropping 5.50% and 5.70%, respectively.

Euro Weakens Against the Dollar

In currency markets, the euro weakened by 0.20% against the dollar, trading at $1.08261 at 1:03 pm ET, reflecting the broader market uncertainty and risk-off sentiment among investors.