Wall Street's big tech stocks plummet amid U.S. recession fears following Trump interview

Wall Street tumbled on Monday as investors responded sharply to concerns about a possible recession following remarks by U.S. President Donald Trump to Fox News on Sunday.

Our correspondent Moon Hye-ryeon reports.

Wall Street saw an ocean of red as investors began selling their shares as soon as financial markets opened Monday amid heightened fears of a U.S. recession.

The benchmark S&P 500 shed 2-point-7 percent, while the tech-heavy Nasdaq showed its biggest drop in more than two years as it slumped by 4 percent.

Big tech stocks including, Apple and Microsoft, both members of the so-called "Magnificent 7," were at the center of the selling.

Tesla plummeted by more than 15 percent, while chip giant Nvidia fell by more than five percent.

Outside of stocks, bitcoin also slipped below the 80-thousand dollar mark – returning to levels before Trump's inauguration.

Comments made by U.S. President Donald Trump in an interview with Fox News on Sunday, when asked about whether he expects a recession this year, stoked market concerns.

"There is a period of transition because what we're doing is very big, we're bringing wealth back to America. That's a big thing. And there are always periods of – it takes a little time."

Experts say that the risk of recession is something that Washington is viewing as a necessary evil for the greater good and they say that is reflected in Trump's blasé response to recession fears.

"These are things that they're willing to, they're willing to accept for that longer term, more self-reliant, stronger position for the U.S."

And this was supported by the White House on Monday, as its economic adviser Kevin Hassett pushed back on talks of a recession while calling a potential contraction a "very temporary phenomenon."

He backed Trump's tariffs on Canada, Mexico, and China – claiming the measures would bring jobs and manufacturing back to the U.S.

This comes amid heightened uncertainty around the Trump administration's on-again off-again tariff policies, with levies on Mexico and Canada pushed back yet again to April 2nd for goods under the free trade agreement between the U.S. and the two neighboring countries.

With the U.S. set to impose another wave of tariffs on steel and aluminum starting Wednesday, eyes are on how markets will respond.

Moon Hye-ryeon, Arirang News.