What had been a steady pullback from the U.S. stock market accelerated sharply Monday as investors retreated from virtually every type of risk.
Tech stocks tumbled by the most since 2022, sending the Nasdaq 100 Index diving nearly 4%. Crypto prices slid. Corporate bond sales were scrapped. Wall Street’s fear gauge and a key measure of credit risk surged. And Treasuries rallied, pulling yields down steeply, as they took on the role as haven of last resort.
Taken together, they all told the same story: Growing worry that President Donald Trump’s tariff hikes, spending cuts and geopolitical shakeups will stall what until recently has been an economy — that under his predecessor Joe Biden — defied naysayers with its strength.
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