Wall Street stocks tumbled on Monday as concerns over the economic effects of Donald Trump’s tariffs intensified and Tesla led a powerful sell-off in previously high-flying technology stocks.
The S&P 500 index lost 2.7 per cent, after falling 3.1 per cent last week in its worst weekly performance in six months, as big US banks ditched their previous bullish forecasts for stocks this year.
The Nasdaq Composite sank 4 per cent, its worst day in two and a half years. The tech-heavy index is down more than 13 per cent from its December peak, leaving it in correction territory.
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