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US stock indices fell on Monday as President Donald Trump’s comments over the weekend stoked fears that a trade war could spark an economic recession.
At 09:50 a.m. ET the Dow Jones Industrial Average fell 307.75 points, or 0.72%, to 42,492.47, the S&P 500 lost 74.89 points, or 1.30%, to 5,695.31, and the Nasdaq Composite lost 371.78 points, or 2.03%, to 17,826.75.
Among megacap stocks, Nvidia fell 2.2%, Meta Platforms and Amazon.com were down more than 3% each.
Elon Musk’s Tesla tanked 7%, its lowest since November 5, after UBS cut its forecast for the automaker’s first quarter deliveries and lowered its price target on the stock.
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