• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
FinanceMarkets

Stock market implodes as Trump tariffs and recession nightmares spook investors

By
Greg McKenna
Greg McKenna
News Fellow
Down Arrow Button Icon
By
Greg McKenna
Greg McKenna
News Fellow
Down Arrow Button Icon
March 10, 2025, 7:09 PM ET
A man who is blurry in the picture walks past an electronic board showing stocks in the red.
Investors have pulled out of hot tech stocks for more defensive assets. Michael M. Santiago—Getty Images
Add Fortune on Google for similar content.
  • Many investors thought President Donald Trump would prioritize tax cuts and deregulation over imposing tariffs. That trade has unwound, with market participants pulling out of hot tech names that have led an AI-driven bull market and heading toward more defensive assets.  

Markets sold off amid a President Trump–size correction on Monday as investors worried whether tariff uncertainty could steer the economy into recession. The S&P 500’s postelection rally has been more than erased, with the index declining 2.7% to start the week and closing just above the $5,600 mark for the first time since mid-September. Big Tech names that have led the stock market’s AI boom over the past two years were hit hard, and the Nasdaq Composite fell 4% to see its worst day since September 2022. 

Recommended Video

Trump used the stock market as a scorecard during his first term, regularly boasting about soaring share prices as evidence that investors approved of his performance. Now, the president and his economic officials acknowledge short-term economic pain might be necessary to reshape America’s economy. In an interview with Fox News on Sunday, Trump declined to rule out a recession, saying the economy is in a “period of transition, because what we’re doing is very big.” 

Sam Stovall, chief investment strategist at CFRA Research, called Monday’s pullback a “manufactured correction,” a reference to how markets have reacted to deliberate policy out of the White House. Wall Street initially looked at Trump’s tariff threats as mostly bluster, but investors are now concerned trade policy uncertainty will impact expectations for corporate profits. 

“Bull markets don’t die of old age,” he said. “They die of fright, and what they’re most afraid of is recession.” 

The stock market’s postelection rally came in part because many traders believed pro-growth aspects of Trump’s agenda, like tax cuts and deregulation, would be prioritized over economically riskier policies like tariffs. Because of the president’s previous fixation on stock prices, many investors believed Trump would intervene with policy if markets plunged. However, Treasury Secretary Scott Bessent recently refuted this notion of a “Trump put,” a play on options parlance. 

Jay Hatfield, CEO of Infrastructure Capital Advisors, said he wasn’t surprised. He also thinks markets are currently prone to overreact, with no big earnings reports from companies counteracting the deluge of headlines coming from Washington. 

“We do think the economy is falling and the Fed needs to cut,” said Hatfield, who manages ETFs and several hedge funds, “but we don’t think we’re going into recession. The market’s starting to think we are.” 

The Atlanta Fed’s GDPNow estimate, while volatile week-to-week, currently signals a contraction of negative 2.4% growth for this quarter, punctuating several weeks of disappointing economic data. The S&P is nearly 9% off its all-time high in mid-February, while the Nasdaq Composite has fallen 13% in that span. 

Monday’s rout was led by some of the market’s hottest tech stocks, with Tesla shares plummeting 15% to post their worst day since 2020. Nvidia, the chip behemoth at the heart of the AI trade, saw its stock drop 5%. 

“What’s encouraging, though, is that recently, we’ve seen investors rotate into the defensive groups of consumer staples, health care, utilities, so a lot of times [these sectors have] been in the green,” Stovall said, “implying that investors are willing to rotate, not necessarily totally retreat.” 

Investors also piled into “risk-free” Treasuries, pushing yields lower. Hatfield doesn’t necessarily see a lot of positive catalysts for stocks in the near-term, but he thinks the $5,400 or $5,500 threshold for the S&P likely signals the bottom of the selloff. Like much of Wall Street, he still has a $6,600 price target on the index. 

“But we’re below the 200-day moving average,” he said, “which is risky.”

About the Author
By Greg McKennaNews Fellow
LinkedIn icon

Greg McKenna is a news fellow at Fortune.

See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Top CD rates from major banks June 30, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on June 30, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJune 30, 2026
3 hours ago
Current price of Bitcoin for June 30, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for June 30, 2026
By Joseph HostetlerJune 30, 2026
3 hours ago
Current price of Ethereum for June 30, 2026
Personal FinanceEthereum
Current price of Ethereum for June 30, 2026
By Joseph HostetlerJune 30, 2026
3 hours ago
Current price of oil as of June 30, 2026
Personal FinanceOil
Current price of oil as of June 30 2026
By Joseph HostetlerJune 30, 2026
3 hours ago
Current price of silver as of Tuesday, June 30, 2026
Personal Financesilver
Current price of silver as of Tuesday, June 30, 2026
By Joseph HostetlerJune 30, 2026
3 hours ago
Current price of gold as of June 30, 2026
Personal Financegold prices
Current price of gold as of June 30, 2026
By Danny BakstJune 30, 2026
3 hours ago

Most Popular

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
5 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
3 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
18 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
2 days ago
Current price of oil as of June 29, 2026
Personal Finance
Current price of oil as of June 29, 2026
By Joseph HostetlerJune 29, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.