U.S. stocks tumbled on Monday and the major averages all closed sharply lower, with the tech-laden Nasdaq recording a more pronounced losses. Uncertainty about President Donald Trump’s tariff moves, fears of a recession in the world’s largest economy, and weak global growth outlook weighed on investor sentiment.

In a Fox News interview on Sunday, U.S. President Donald Trump declined to rule out the possibility of a recession following his tariff actions on Mexico, Canada and China.

“There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America,” Trump told the “Sunday Morning Futures” program.

With a slew of crucial economic data due later in the week, the mood in the market is extremely cautious.

Reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations, are due this week.

The Dow closed down 890.01 points or 2.08 percent, at 41,911.71. The S&P 500 (SPI:SP500) ended lower by 155.64 points or 2.7 percent, at 5,614.56, while the Nasdaq dropped 727.90 points or 4 percent to 17,468.32.

Tesla (NASDAQ:TSLA) tanked nearly 16 percent. Meta Platforms, Nvidia, Alphabet, Oracle and Apple lost 4 to 5 percent, Microsoft declined 3.3 percent, Intel drifted down 3.2 percent, and Amazon ended lower by about 2.3 percent.

Morgan Stanley (NYSE:MS), Wells Fargo, US Bancop, Goldman Sachs, Citigroup, American Express, JP Morgan and Bank of America all closed sharply lower.

United Airline Holdings, Delta Airlines, Boeing, Nike, FedEx, Netflix (NASDAQ:NFLX), Moody’s and Airbnb ended weak as well.

Regeneron Pharmaceuticals, Exxon Mobil (NYSE:XOM), Vertex Pharmaceuticals, ResMed, Constellation Brands, General Motors and Pepsico were among the notable gainers in the session.

In overseas trading, Asian stocks turned in a mixed performance on Monday amid lingering tariff worries, the threat of a U.S. recession and signs of deepening deflationary pressures in China.

European stocks closed on a weak note on Monday as rising economic uncertainty and tariff concerns rendered the mood bearish. Recent weak U.S. and Chinese economic data hurt as well.

In the currency market, the dollar gained marginally against the Euro, at 1.0826. Against the Japanese currency, the dollar weakened to 147.32 yen from Friday’s closing value of 148.03 yen.

SOURCE: RTTNEWS

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