U.S. stocks opened sharply lower on Monday, deepening losses after President Trump said the economy faces a “period of transition” and would not rule out a recession.
The Dow Jones Industrial Average was down 350 points, or 0.8%, at 42,452. The S&P 500 dropped 101 points, or 1.8%, to 5,669 and the Nasdaq shed 504 points, or 2.8%, to 17,689.
Wall Street’s losses come a day after Mr. Trump declined to state whether he expects a recession this year, with the president telling Fox News on Sunday that “there is a period of transition, because what we’re doing is very big.”
The White House is sticking with its stance that tax cuts and tariff revenue ahead will bolster the economy.
Last week marked the largest market rout since Mr. Trump was reelected four months ago.
—This is a developing story.
