Wall Street Crashes: Tech Stocks Plummet Amid Recession Fears

The New York Stock Exchange experienced a brutal downturn on Monday, March 10, with major indices sharply declining. The Dow Jones dropped 2.08%, the S&P 500 fell 2.70%, and the tech-heavy Nasdaq plunged 4%, marking its worst performance since 2022.

Tech Under Pressure

Tech giants took the hardest hit: Tesla tumbled 15.43%, Meta fell 4.42%, Microsoft lost 3.34%, Alphabet declined 4.41%, Apple slid 4.85%, Amazon dropped 2.36%, and Nvidia sank 5.07%. “This Nasdaq collapse highlights the markets’ vulnerability due to their heavy concentration on a few tech behemoths,” explained Steve Sosnick, strategist at Interactive Brokers.

Economic Uncertainty and Political Tensions

Investor fears of a potential recession were amplified by confusion over tariffs and mixed political signals. Donald Trump’s vague comments about the U.S. economy and Treasury Secretary Scott Bessent’s warning of a “detox period” — with drastic public spending cuts — further rattled the markets.

As traders await the release of February’s Consumer Price Index (CPI), bond markets reacted cautiously. The yield on 10-year U.S. Treasury bonds eased to 4.22%, down from 4.30% on Friday.

This chaotic trading session reflects lingering anxieties gripping the U.S. economy — from recession risks to inflation pressures and political uncertainty. The next round of economic data will be pivotal in shaping market direction.