According to CNBC , in the trading session of March 10 (local time), US stocks continued to witness a three-week sell-off as investors worried that uncertainty about tariff policies could push the economy into recession. Last weekend, US President Donald Trump did not deny this possibility in an interview.
Stock prices have fallen sharply this month due to uncertainty surrounding President Donald Trump's tariff policies. (Photo: Getty)
Specifically, the S&P 500 index fell 2.7%, at one point hitting its lowest level since September last year and closing at 5,614.56 points. The Nasdaq Composite index saw the sharpest decline among the major indexes, plunging 4%, marking its worst trading session since September 2022 and ending at 17,468.32 points.
Meanwhile, the Dow Jones index fell 890.01 points, or 2.08%, to close at 41,911.71.
The S&P 500 is now down 8.7% from its all-time high on Feb. 19, while the Nasdaq Composite has lost nearly 14% from its recent peak. A 10% drop is considered a correction on Wall Street.
Notably, stocks in the “Magnificent Seven,” once the main drivers of the stock market, led the decline as investors sold off in search of safer assets. This group includes the world’s seven largest and most influential technology companies: Apple, Microsoft, Amazon, Alphabet (Google’s parent company), Meta (formerly Facebook), Nvidia and Tesla.
Tesla shares plunged 15%, their worst day since 2020. Alphabet (Google) and Meta (Facebook) fell more than 4%. Nvidia, considered a "star" in the artificial intelligence race, fell 5%. Palantir, one of the stocks favored by individual investors, also fell 10%.
Signs of investors pulling back from risk were everywhere on Wall Street. The CBOE Volatility Index (VIX), the best gauge of fear on Wall Street, rose to its highest level since December. Bitcoin fell below $80,000 and U.S. Treasury yields fell.
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