NEW YORK — Wall Street’s sell-off is worsening Monday as worries about the economy and President Donald Trump’s tariffs send U.S. stocks further from their record set just last month.

The S&P 500 was down 1.9% in morning trading, coming off its worst week since September. The Dow Jones Industrial Average was down 369 points, or 0.9%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 3% lower.

The main measure of the U.S. stock market is on track for a seventh swing of more than 1%, up or down, in the last eight days following a scary stretch dominated by Trump’s on -and- off -again tariffs. The worry is that tariffs will hurt the economy directly or just create enough uncertainty to drive U.S. companies and consumers into paralysis. The S&P 500 is down 7.8% from its all-time high set on Feb. 19.

Economy Signals Weakening

The economy has already given some signals of weakening, mostly through surveys showing increased pessimism. And a widely followed collection of real-time indicators compiled by the Federal Reserve Bank of Atlanta suggests the U.S. economy may already be shrinking.

Asked over the weekend whether he was expecting a recession in 2025, Trump told Fox News Channel: “I hate to predict things like that. There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing.” He then added, “It takes a little time. It takes a little time.”

The U.S. job market is still showing stable hiring, to be sure, and the economy ended last year running at a solid rate. But economists are marking down their forecasts for how the economy will perform this year.

At Goldman Sachs, for example, David Mericle cut his estimate for U.S. economic growth to 1.7% from 2.2% for the end of 2025 over the year before, largely because tariffs look like they’ll be bigger than he was previously forecasting.

He sees a one-in-five chance of a recession over the next year, raising it only slightly because “the White House has the option to pull back policy changes” if the risks to the economy “begin to look more serious.”

“There are always multiple forces at work in the market, but right now, almost all of them are taking a back seat to tariffs,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.

Stock Market Hits Hurt Big Tech

The worries hitting Wall Street have so far been hurting some of its biggest stars the most. Big Tech stocks and companies that rode the artificial-intelligence frenzy in recent years have slumped sharply.

Nvidia fell another 4% Monday to bring its loss for the year so far to 19.5%. It’s a steep drop-off from its nearly 820% surge over 2023 and 2024.

Elon Musk’s Tesla fell 8.9% to deepen its loss for 2025 so far to more than 40%. After getting an initial post-election bump on hopes that Musk’s close relationship with Trump would help the electric-vehicle company, the stock has since slumped on worries that its brand has become intertwined with Musk. Protests against the U.S. government’s efforts to cull its workforce and other moves have targeted Tesla dealerships, for example.

Stocks of companies that depend on U.S. households feeling good enough about their finances to spend freely tumbled. United Airlines lost 8.3%, and cruise-ship operator Carnival fell 7.3%.

It’s not just stocks struggling. Investors are sending prices sharply lower for all kinds of investments whose momentum had earlier seemed nearly impossible to stop at times, such as bitcoin. The cryptocurrency’s value has dropped back toward $80,000 from more than $106,000 in December.

Instead, investors have been herding into U.S. Treasury bonds as they look for things whose prices can hold up better when the economy is under pressure. That has sent prices for Treasury’s sharply higher, which in turn has sent down their yields.

10-Year Treasury Yield Falls

The yield on the 10-year Treasury fell again to 4.21% from 4.32% late Friday. It’s been dropping since January, when it was approaching 4.80%, as worries about the economy have grown.

All the worries, though, haven’t shut down deal making on Wall Street. Redfin’s stock jumped 69.7% after Rocket said it would buy the digital real estate brokerage in an all-stock deal valuing it at $1.75 billion. Rocket’s stock sank 14.6%.

ServiceNow fell 5.7% after the AI platform company said it was buying AI-assistant maker Moveworks for $2.85 billion in cash and stock.

In stock markets abroad, European indexes also fell following a mixed session in Asia.

Indexes fell 1.8% in Hong Kong and 0.2% in Shanghai after China said consumer prices fell in February for the first time in 13 months. It’s the latest signal of weakness for the world’s second-largest economy, as persistent weak demand was compounded by the early timing of the Lunar New Year holiday.