The U.S. stock market steepened its weekslong tumble Monday, selling off across multiple sectors as President Donald Trump warned of an economic "transition period" ahead.
The S&P 500 was down 2.7%, the Dow Jones Industrial Average was down 2.08% and the Nasdaq Composite index sank 4%.
Tesla skidded 15% in its worst daily performance since 2020. Nvidia stock was down 4.88% and other tech stocks across the board also saw losses.
President Donald Trump's tariffs and tariff threats have introduced new volatility to the markets, which administration officials have indicated may continue for some time.
In an interview on Fox News Sunday, President Trump did not directly answer questions about what effect his tariffs would have — but he said the market and the economy as a whole should now expect a "period of transition."
“What I have to do is build a strong country,” Trump said. “You can’t really watch the stock market.”
Commerce Secretary Howard Lutnick said it was possible some consumer prices could rise. Treasury Secretary Scott Bessent on Friday said government spending cuts should be considered a "detox period."
