A new trading week has done little to calm investors’ nerves. Stocks and Treasury yields are both falling.

President Trump over the weekend refused to rule out the U.S. entering a recession this year, telling Fox News there will be a “period of transition, because what we’re doing is very big.” In contrast, Commerce Secretary Howard Lutnick told NBC News: “There’s going to be no recession in America.”

Monday’s drop follow on from a turbulent week in markets, with concerns growing about how the administration’s unpredictable tariff policies could affect U.S. growth. The S&P 500 finished Friday with a 3.1% weekly drop, its biggest such decline in six months.

Major stock indexes dropped. The tech-focused Nasdaq Composite led losses, slipping nearly 3%.

The 10-year U.S. Treasury yield slipped below 4.24%. It had settled Friday above 4.31%.

The WSJ Dollar Index hovered near its lowest level since early November. Last week, it suffered its largest decline in over two years, battered by economic and foreign-policy shakeups.

Overseas, Chinese stocks fell. On Sunday, inflation data showed consumer prices in China dropped last month by more than expected.

The Stoxx Europe 600 fell. European defense extended their recent rally.