US stocks plunged after President Trump warned of a period of “transition.”
The S&P 500 fell about 2% after President Trump stated the U.S. economy will go through a “period of transition.”
Trump made his remarks after being asked whether the United States would go through a recession.
Here’s what CNN reported:
US stocks plunged, bitcoin stumbled and Wall Street’s fear gauge hit its highest level this year as concerns about President Donald Trump’s economic policy led to a widespread market selloff on Monday.
The rout on Wall Street started early, with all three major indexes opening sharply in the red. US stocks slid throughout the day and, despite a brief afternoon rally, closed in the red.
ADVERTISEMENTThe Dow closed lower by 890 points, or 2.08%, pulling back from a loss of more than 1,100 points at one point.
The broader S&P 500 also plunged, dropping by 2.7%, while the tech-heavy Nasdaq Composite plummeted 4%.
The Dow and S&P 500 each posted their worst day of the year. The Nasdaq posted its biggest single-day decline since September 2022.
Per BBC:
This is a Guest Post from our friends over at WLTReport. View the original article here.A sell-off in the US stock market gathered steam on Monday, fuelled by rising concern about the cost of the trade war to the world’s largest economy.
The S&P 500, which tracks the biggest American companies, fell about 2% in early trade, while the Dow Jones dropped 0.9% and the Nasdaq sank more than 3.5%.
The falls came after President Donald Trump ducked questions about whether the US economy was facing a recession or price rises as a result of tariff moves, while warning instead of a “period of transition”.
Commerce Secretary Howard Lutnick, however, insisted there would be no contraction in the US, although he acknowledged that the price of some goods may rise.
