STORY: U.S. stocks plummeted on Monday, with the Dow dropping nearly 900 points to close 2% lower, the S&P 500 shedding 2.7% and the Nasdaq nosediving 4%, its biggest daily percentage drop in two and a half years.

Monday’s major selloff followed a weekend interview with President Donald Trump in which he would not rule out the possibility of a U.S. recession.

That unnerved investors already anxious about relentless tariff wrangling and other economic concerns, said Mike Mussio, president of FBB Capital Partners.

“I think the speed with which the market is reassessing probabilities around recession is directly linked with the two things. One, uncertainty around tariffs and what the impact may have on inflation and just the general economic outlook. And then two, there’s a bit of a growth scare that’s going on at the same time. If you look at GDP growth in the fourth quarter, which was two and a half percent plus, right now, GDP now, which is kind of a real cast, they now cast for some forecasts, now cast the existing of what’s happening in the economy, that number is like a negative two and a half percent right now.”

HSBC on Monday downgraded U.S. equities, citing uncertainty around tariffs.

Tech stocks were under pressure on Monday as investors unwound yen carry trades, which involve borrowing Japanese yen at a low cost to invest in other currencies and assets offering higher yields.

Shares of MicroStrategy and Coinbase dropped more than 16 and 17 percent respectively, tracking weakness in bitcoin, which fell below $80,000.

And shares of Tesla plunged 15.4%, the stock’s largest single-day decline since September of 2020.

The stock has given back all its post-election gains after CEO Elon Musk backed Trump and was tapped to lead his government efficiency effort.