By South China Morning Post | Created at 2025-03-10 15:21:23 | Updated at 2025-03-10 18:21:43
3 hours ago
Wall Street’s main indexes fell on Monday as US President Donald Trump’s comment over the weekend stoked fears that a trade war could spark an economic slowdown, with the tech-heavy Nasdaq and the benchmark S&P 500 near five-month lows.
In early morning trading the Dow Jones Industrial Average fell 307.75 points, or 0.72 per cent, to 42,492.47, the S&P 500 lost 74.89 points, or 1.30 per cent, to 5,695.31, and the Nasdaq Composite lost 371.78 points, or 2.03 per cent, to 17,826.75.
Mega-cap growth stocks felt the heat. Nvidia fell 2.2 per cent, while Meta and Amazon.com were down more than 3 per cent each.
Tesla was down 7 per cent, the lowest since November 5, after UBS cut its forecast for the carmaker’s first-quarter deliveries and lowered its price target on the stock.
The technology sector lost 2.6 per cent, leading sectoral declines on the S&P 500. The domestically focused small-cap Russell 2000 index fell 1 per cent.
JPMorgan Chase and Goldman Sachs declined more than 3 per cent each, weighing on the broader banks index.
