U.S. stocks plunged for a third straight session on Monday, as the White House doubled down on aggressive tariffs against key trading partners despite growing market turmoil. The S&P 500 sank 3.7%, pushing its decline from its February record high to 20%, officially entering bear market territory.
The Dow Jones dropped another 1,200 points, or 3.3%, while the Nasdaq fell 3.7%, having already entered a bear market last week amid mounting recession fears sparked by President Trump's sweeping trade policies.
On Friday, China announced a 34% tariff on all U.S. imports instead of returning to the negotiating table, while Trump reaffirmed he would not ease tariffs until the U.S. trade deficit with China is resolved. Meanwhile, reports suggest Canada and the EU are preparing similar retaliatory measures. The selloff was led by heavyweight tech stocks, with Apple down 25% year-to-date, Nvidia off 20%, and Microsoft falling 14.6%.
Source: Trading Economics
