US stocks register heavy falls as White House tries to talk up Trump tariffs

News Snapshot:

The US stock market continued to drop on Monday as the White House denied that Donald Trump’s trade policies were causing lasting chaos within the economy. The S&P 500 fell 2.7%, the Dow Jones dropped 2%, and the tech-heavy Nasdaq dropped 4% as investors sold shares in the so-called “magnificent seven” – Alphabet, Amazon, Apple, Microsoft, Meta, Nvidia and Tesla. Tesla’s shares had their worst day since September 2020, falling 15%. The fall came a day after Trump skirted around questions about a potential recession on Sunday. Asked if he expected a recession, Trump said: “There is a period of...