London, March 12 -- Technology shares led the biggest sell-off in American stocks since 2022, as investors ditched long-time market leaders on rising worries the economy is headed for a recession.
The S&P 500 on Monday sank 3%, with tech companies in the index sinking as much as 4.7% at one point.
The Nasdaq 100 Index plunged almost 4%, the most since 2022. Monday's selling wiped out more than $1 trillion in the gauge's value.
These losses were deepened after Trump announced on Tuesday that he was doubling the tariffs on Canadian steel and aluminium to 50% in response to the Canadian province of Ontario imposing of a 25% surcharge on electricity exports to three US states.
Traders had initially welcomed Trump's election win in late 2024...