The Nasdaq and the S&P 500 are plummeting after Trump doesn't rule out a recession
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Stock futures fell on Monday as Wall Street’s fears tied to President Donald Trump’s tariffs continue to pressure the market and investors wait for new economic data.
Futures tied to the Dow Jones Industrial Average fell by 391 points, or 0.9%, while S&P 500 futures dipped 57 points, 1%, and Nasdaq 100 futures dropped 230 points, or slightly more than 1%. Last week was the stock market’s worst in two years.
The president’s sweeping tariffs on Canada, Mexico, and China last week — with the promise of additional duties in the near future — rattled stock markets and drove pushback from business groups. Although some exemptions and delays were announced later in the week, Wall Street’s worries weren’t assuaged.
Goldman Sachs (GS) said Friday that the likelihood of a recession within the next 12 months has increased from 15% to 20%. If the White House continues with additional tariffs, the bank said the risk of a recession would increase.
On Sunday, Trump was asked by Fox News (FOXA) host Maria Bartiromo if he was expecting a recession this year. The president didn’t rule it out as a potential outcome.
“I hate to predict things like that,” Trump said. “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, and there are always periods of, it takes a little time. It takes a little time, but I think it should be great for us.”
Cabinet officials havelargely brushed off the market’s decline, even as they acknowledge some signs of weakness in the economy.
Treasury Secretary Scott Bessent told CNBC that the market has “just become hooked” on government spending and that “there’s going to be a detox period.” Commerce Secretary Howard Lutnick said the U.S. would stick to its future tariff plans, said he wouldn’t bet on a recession, and said the stock market doesn’t affect federal policy.
Major stocks dropped in pre-market trading on Monday, including Tesla (TSLA) and Nvidia (NVDA), which fell by more than 3% and 2%, respectively, after weeks of decline. Tesla stock has fallen by more than 30% year-to-date through Friday, largely thanks to pushback related to CEO Elon Musk’s political influence, while Nvidia’s almost 19% loss comes in response to tariff and recession fears.
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