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Stocks dropped on Monday as the selling pressures that dragged Wall Street last week persisted, with investors worried about an economic slowdown after President Donald Trump didn’t rule out a recession with U.S. tariffs being implemented.

The Dow Jones Industrial Average dropped 552 points, or 1.3%. The S&P 500 shed 2.3%, and the Nasdaq Composite lost 3.6%. Both the 500-stock S&P and tech-heavy Nasdaq dropped to their lowest levels since September 2024.

The Nasdaq was weighed down by declines in the “Magnificent Seven” cohort. Tesla shed 10%, while Alphabet, Meta and AI darling Nvidia lost more than 4%.

Stocks have been under pressure as investors fret over a possible recession due to tariffs implemented by the Trump administration. Part of the concern is that these levies could drive prices higher, thus making it harder for the Federal Reserve to lower rates. In an interview that aired Sunday, Trump responded to a question on Fox News about the possibility of a recession by saying the economy was going through “a period of transition.”

“We are in the throes of a manufactured correction. I say manufactured because it’s really based in response to the new administration’s tariff programs, or at least threats of tariffs, and what kind of an impact that will have on the economy. Now, with people talking about potential recession, I think it’s just adding to investor concern,” said Sam Stovall, chief investment strategist at CFRA Research. “Right now we’re going through a typical pullback and probably will experience a mild correction before all is completed, which actually would be good for the resetting of the dials of this ongoing bull market.”

Last week, the S&P 500 lost 3.1% for its worst weekly mark since September. The Dow fell 2.4%, while the Nasdaq shed 3.5%. Over the past month, the S&P 500 and Nasdaq are down 6% and 9%, respectively, while the Dow is down 4.5%.

The turbulence could continue this week, with a heavy dose of economic data adding to the list of potential market-moving events. On the inflation front, the February consumer price index, or CPI, release is slated for Wednesday, followed by the producer price index, or PPI, on Thursday. Stovall said that he is optimistic heading into both of these readings.

“What actually could be encouraging to investors is that the Street and our economists are forecasting more favorable readings in both headline and core CPI, and it looks as if ditto for PPI. With the inflation situation cooling off, then that would go a long way in helping to calm investors nerves.,” he said. “The market is approaching an oversold level currently, and so any kind of could good news could trigger at least a counter-trend rally, right? I guess the question then is, is that short term — do we then go back into a decline — or is it just a signal that the worst is over? I think we just have to wait and see.”

Volatility hits highest level since December

Volatility on Wall Street rose to its highest level since December on Monday, as investors continue to assess the impacts of tariffs on the U.S. economy.

The CBOE Volatility Index (VIX) was last more than 10% higher to 25.93. That’s the sharpest rise since Wall Street’s fear gauge hit 27.62 at the end of 2024.

— Brian Evans

Crypto ETFs register fourth consecutive week of outflows

Crypto investment products have registered their fourth week in a row of outflows. According to CoinShares data, crypto funds saw $867 million in outflows last week, bringing its total outflows during the four-week period to $4.75 billion.

Most of the bearishness came from the U.S., where investors pulled out $922 million last week. Other regions, particularly Switzerland, Canada and Germany, saw a buying opportunity.

In the U.S., Fidelity’s FBTC led the outflows, followed by BlackRock’s IBIT, Ark 21 Shares’ ARKB and Grayscale’s GBTC.

Blockchain-focused equity funds also suffered from the negative sentiment. Overall, they saw $48 million in outflows last week. Most of that came from the SPDR Galaxy Hedged Digital Asset Ecosystem ETF with outflows last week of $32.3 million.

— Tanaya Macheel

Household financial outlook hits multiyear lows, New York Fed survey shows

Consumers’ outlook for inflation changed surprisingly little in February despite widespread tariff worries, though they grew more worried about being able to pay their bills, according to a New York Federal Reserve survey released Monday.

Median inflation expectations rose just 0.1% for the year ahead to 3.1%, while there was no change at the three- and five-year horizons. The results counter other surveys that show inflation angst on the rise.

At the same time, the perceived likelihood of missing a minimum debt payment over the next three months rose to 14.6%, a 1.3 percentage-point increase and the highest level since April 2020, during the early days of the Covid-19 pandemic. Similarly, the share of households expecting a worse financial situation in a year increased to 27.4%, the highest since November 2023.

— Jeff Cox

S&P 500 falls back below 200-day moving average

The S&P 500 has once again fallen under its 200-day moving average and is also trading below its worst level on Friday.

The index did manage to rally on Friday to close above its the 200-day moving average, which sits at about 5,733, but market technicians would consider it a warning if the S&P 500 cannot make the same rally today.

“The risk-off rotation last week dragged the S&P 500 below support off the January lows (5,773) and into the 200-day moving average (dma) at 5,733. A break below this closely watched support level would raise concerns over a potential top being made and leave 5,703 (October low) and the 5,665-5,667 range (key Fibonacci retracement level/July highs) as the next areas of downside support,” Adam Turnquist, chief technical strategist for LPL Financial, said in a note.

— Jesse Pound

Tech-software ETF hits lowest level since October

During Monday’s trading session, the iShares Expanded Tech-Software Sector ETF (IGV) fell 3.5%, hitting its lowest level since October.

The exchange-traded fund was led to the downside by crypto-related names such as Cipher Mining, down 17%, alongside Strategy and TeraWulf, both down 14%.

— Gina Francolla, Lisa Kailai Han

Consumer staples stocks outperform in potential risk-off move

Consumer staples stocks pushed higher in morning trading, a sign of a potential shift toward defensive plays after last week’s market sell-off.

Shares of Procter & Gamble rose 1%, and Unilever jumped 2.4%. The Consumer Staples Select Sector SPDR Fund (XLP) was up 0.6% even though retailers such as Costco and Walmart were under pressure.

Another defensive stock outperforming on Monday was Johnson and Johnson, climbing 1.2%.

— Jesse Pound

Stocks open lower to start new trading week

Stocks opened lower to kick off the new trading week.

The Dow Jones Industrial Average dropped 400 points, or 1%. The S&P 500 slipped 1.4% and the Nasdaq Composite shed 2%.

— Lisa Kailai Han

Natural gas futures surge to highest since December 2022

April natural gas futures climbed to $4.901 per million BTUs Monday, the highest since late December 2022. In early trading, Expand Energy added 2%, Antero Resources, Conoco Phillips and California Resources rose about 1% and Coterra Energy advanced 0.5%, outperforming in a down market.

Natgas prices posted their best week in two months last week, boosted by colder-than-usual weather patterns and concerns about refilling storage tanks ahead of the usual summer pickup in demand, Reuters said late last week.

— Scott Schnipper, Gina Francolla

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading.

— Brian Evans

Tesla shares fall

Tesla shares are down again in the premarket, close to giving up its post-election gain as it extends its losing streak.

The electric vehicle maker has slid for seven straight weeks, closing Friday at $270.48, after CEO Elon Musk joined the Trump administration. It’s the longest such losing streak for Tesla in its 15 years as a public company.

Tesla shares finished the week down more than 10%, at their lowest level going back to Nov. 5, Election Day, when they closed at $251.44. Since the stock peaked at almost $480 on Dec. 17, Tesla has lost well over $800 billion in market cap.

— Lora Kolodny, Sarah Min

Trump’s tariffs could constrain U.S. economic growth but spur fiscal expansion overseas, Alpine Macro says

President Donald Trump’s new tariffs have the capacity to completely change modern global relations as we know them, research firm Alpine Macro wrote in a Monday note.

“The bull market in stocks is entering a volatile, risky, and potentially dangerous phase. The initial euphoria over Trump’s pro-growth policies is being overshadowed by rising concerns over his tariff threats,” said Chen Zhao, the firm’s chief global strategist. “America’s trade policy and geopolitics are undergoing paradigm shifts that will not only reshape the global economic order but also impact income growth, corporate profits, and the financial market outlook.”

Zhao elaborated that current paradigm shifts include a new fiscal expansion proposal in Germany and an increase in fiscal stimulus from the Chinese government to boost domestic demand.

“The bottom line is that it is reasonable to assume that Trump’s tariff war and policy uncertainty will weaken sales, trim corporate profits, hurt risk assets, and weaken GDP growth,” he wrote. “The impact of Trumpism is still unfolding, but his trade policies are inadvertently spurring fiscal expansion in the rest of the world. Ironically, the tariff war could provide a positive impetus for economic growth in the rest of the world, although it will constrain U.S. economic expansion for a while.”

The strategist added that in terms of portfolio allocation, investors should reduce their exposure to U.S. equities in favor of European and emerging market stocks.

— Lisa Kailai Han

Big bank stocks fall on worries around economy

Shares of major banks were under pressure Monday as worries over a possible U.S. economic slowdown weighed on them. JPMorgan Chase dropped more than 1% along with Citigroup, Wells Fargo, Bank of America, Morgan Stanley and Goldman Sachs.

— Fred Imbert

Nvidia slides in premarket trading

Nvidia slid about 2% before the bell on Monday, putting downward pressure on the broader market.

Monday’s move comes amid a pullback for the megacap tech stock, which has become a favorite of retail investors due to its status as an artificial intelligence leader.

After two years of monster gains, the stock has tumbled about 16% in 2025. A sizable chunk of those losses came last week, when shares slid more than 9%.

— Alex Harring

Asia-Pacific markets mixed after volatile trading week; Japan’s 10-year bond yield hits fresh high

Asia-Pacific markets were mixed on Monday after a volatile trading week around the world.

Investors were particularly keeping a watch on the shares of steel manufacturers ahead of U.S. 25% tariffs on steel and aluminum imports, which will kick off this Wednesday.

Japan’s benchmark Nikkei 225 led gains in Asia, rising 0.38% in choppy trade, to end the day at 37,028. The broader Topix index, meanwhile fell 0.29% to close at 2,700, paring earlier gains.

South Korea’s Kospi added 0.27%, to end the day at 2,570 while the small-cap Kosdaq fell 0.26% to 725.

Australia’s S&P/ASX 200 rose 0.18% to end the day at 7,962, after closing at a six-month high in its previous session.

Mainland China’s CSI 300 dropped 0.39% to end the day at 3,928.80, while Hong Kong’s Hang Seng Index slipped 1.83% in its last hour.

Over in India, the benchmark Nifty 50 was trading 0.27% higher, while the BSE Sensex climbed 0.24% as at 1.10 p.m. local time.

— Amala Balakrishner

Futures extend losses

The initial losses for equity futures have widened in the opening hour of trading. Nasdaq 100 futures are leading the downward move, now off by about 1%.

— Jesse Pound

Stocks suffered losses last week

Wall Street is coming off a negative week for stocks.

— Jesse Pound, Christopher Hayes

DoorDash and Williams-Sonoma are set to join S&P 500

Four new stocks are joining the S&P 500 in the index’s quarterly shake-up.

S&P Dow Jones Indices announced Friday evening that DoorDash, Williams-Sonoma, TKO Group Holdings and Expand Energy are joining the index.

In an offsetting move, Borgwarner, Teleflex, Celanese Corp and FMC Corp are getting demoted from the index.

Because the S&P 500 is tracked closely by massive index funds, change can trigger large amounts of trading and move stock prices.

The changes will become effective prior to the open of trading on March 24.

— Jesse Pound

Futures open lower

U.S. stock futures fell when trading resumed Sunday evening, with Dow futures sliding more than 100 points.

— Jesse Pound

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