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Wall Street slumped on Monday as growing global skepticism over U.S. investments intensified, driven by President Donald Trump‘s ongoing trade war and public criticism of the Federal Reserve.
These actions have rattled confidence in the traditional economic order, prompting investors to pull back. The S&P 500 plunged 2.4 percent, bringing it 16 percent below its record high from just two months ago and delivering a significant blow to retirement accounts tied to the index.
The Dow Jones Industrial Average tumbled 971 points, or 2.5 percent, while steep losses in major tech stocks like Tesla and Nvidia dragged the Nasdaq down 2.6 precent. In a concerning shift, the U.S. dollar hit a three-year low — an unusual development during market turmoil, as they are typically seen as safe havens.
Reporting by the Associated Press contributed to this story.
This is a developing news story and will be updated as more information is available.
