(Reuters) – Technological values strongly retreat on the New York Stock Exchange on Monday and extend the correction of last week, the trade policy of US President Donald Trump fueling fears about the first world economy and push investors to seek security in sovereign debt.
At 4:16 p.m. GMT, the Nasdaq Composite, with a strong technological component, fell by 3.3% and affects its lowest level for almost six months.
The rest of the main indices also suffers, the Dow Jones decreasing by 1.07% and the Standard & Poor’s 500 of 2.07%, with a drop of 3.9% for the technology compartment.
The Tesla electric vehicle manufacturer is more than 10%, also suffering from a lowering of UBS perspectives on its first quarter deliveries.
Technological sector values such as NVIDIA, Apple, Microsoft and Alphabet lose between 2.9% and 5.5% at the same time.
In an interview with Fox News on Sunday, President Donald Trump refused to predict whether his trade policy could lead to a recession from the American economy, a silence that has shaken the feeling of investors after an already particularly volatile week.
“The Trump administration seems to accept a little more easily than the market is falling and a recession is possible to achieve its general objectives,” said Ross Mayfield, investment strategist at Baird.
“Technological values have very high valuations and are negotiated with fairly large bonuses compared to the general market. There are therefore necessarily air pockets, and technically, they do not seem very good,” he adds.
“If the tenant of the White House is not himself terribly optimistic about the expectations of short-term growth, why should the market be?”, Notes for its part Will Comprenolle, analyst at Fhn Financial.
According to a Reuters survey, 91% of economists interviewed consider that the risks of recession are higher due to the evolution of American trade policies.
HSBC also lowered the note of American actions on Monday, citing uncertainty around customs duties.
In this context, US state bonds are highly sought after, lowering yields, that of ten -year -old Treasuries abandoning almost 10 base points to 4.2226%.
(Written by Diana Mandiá, edited by Kate Entringer)
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