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U.S. stocks are down sharply in negative territory Monday afternoon, with those from technology<\/span> sector suffering more pronounced losses, amid rising concerns about the outlook for economic growth and corporate earnings.<\/p>\n In a Fox News interview on Sunday, U.S. President Donald Trump declined to rule out the possibility of a recession following his tariff actions on Mexico, Canada and China.<\/p>\n “There is a period of transition, because what we’re doing is very big. We’re bringing wealth back to America,” Trump told the “Sunday Morning Futures” program.<\/p>\n With a slew of crucial economic data due later in the week, the mood in the market is extremely cautious.<\/p>\n Reports on consumer and producer price inflation, as well as readings on consumer sentiment and inflation expectations, are due this week.<\/p>\n The major averages are all down deeply in negative territory. The Dow dropped to 41,871.80, losing 929.92 points or 2.17 percent. The S&P 500 declined 170.53 points or 2.96 percent, to 5,599.68, and the Nasdaq tumbled to 17,409.95, losing 786.27 or 4.32 percent.<\/p>\n Tesla is tanking more than 14 percent. Carnival is down 8 percent, Morgan Stanley is declining 7.6 percent, Wells Fargo is down 7.2 percent, and Goldman Sachs is down 5.7 percent.<\/p>\n American Airlines, Delta Airlines, Citigroup, Meta Platforms, Apple Inc., US Bancorp, Alphabet, Starbucks, Nvidia, JP Morgan, Bank of America, Boeing and American Express are down 4 to 6 percent.<\/p>\n Among the gainers, ResMed is up 3.6 percent, Biogen is rising 3 percent, Modena is advancing 2.75 percent, PepsiCo is up 2.5 percent, and Colgate-Palmolive is moving up 1.75 percent. Merck, Verizon, Exxon Mobil and Amgen are among the other notable gainers.<\/p>\n Asian stocks turned in a mixed performance on Monday amid lingering tariff worries, the threat of a U.S. recession and signs of deepening deflationary pressures in China.<\/p>\n European stocks closed on a weak note on Monday as rising economic uncertainty and tariff concerns rendered the mood bearish. Recent weak U.S. and Chinese economic data hurt as well. <\/p>\n<\/p>\n<\/div>\n