The Magnificent Seve🌜n stocks on Monday had their worst session of the year as equities sold off amid rising recession risks. 

The Roundhill Magnificent Seven ETF (MAGS) fell 5.2% 🌳on Monday, its biggest one-day decline since July 24.

Tesla (TSLA) led the 澳洲幸运5官方开奖结果体彩网:Mag Seven lower. It dropped 15.4% on Monday. Shares soared in the aftermath of Trump’s victory as investors bet the carmaker would benefit from CEO Elon Musk’s proximity to the president. But the stock has come under pressure since Trump’s inauguration, 澳洲幸运5官方开奖结果体彩网:battered by tariffs, an increasingly gloomy economic outlook, and possibly 澳洲幸运5官方开奖结果体彩网:consumer backlash to Musk’s political activity. With Monday’s losses, the stock has 澳洲幸运5官方开奖结果体彩网:erased its post-election gains. 

Nvidia (NVDA) shares shed about 5% on Monday. Nvidia stock has slumped in recent weeks as sales and earnings growth 澳洲幸运5官方开奖结果体彩网:have moderated from their breakneck pace of the last two years. Investors are also increasingly concerned that high-profile 澳洲幸运5官方开奖结果体彩网:AI successes in China could prompt the government to tighten export restrictions on advanced semiconductorsꦦ and other AI hardware, a headwind to Nvidia’s sales. 

Shares of Apple (AAPL), Alphabet (GOOG), and Meta Platforms (META) were each down more than 4%, while Microsoft (MSFT) slid more than 3% and Amazon (AMZN) lost more than 2%. 

Big tech wasn't alone in closing in the red on Monday. Consumer discretionary and financial stocks were also trading sharply lower. Smaller tech stocks that soared last year on AI enthusiasm were hit even harder. Shares of AI plays Palantir (PLTR) and Applovin (APP) fell 10% and 12%, respectively. Nuclear power providers Vistra (VST) and Constellation Energy (CEG), wh𒐪ich got a boost last year from surging demand for low-carbon electr♌icity from AI data centers, declined about 5%.

Meanwhile, Vistra and Constellation's utility-sector peers were among the day's best performers. The traditionally 澳洲幸运5官方开奖结果体彩网:defensive sector advanced 1%, while the energy sectors rose 0.9% as investors rotated from growth to 澳洲幸运5官方开奖结果体彩网:value stocks. U.S. Tre🌃asurys also rallied as investors embraced traditional saf✨e havens amid growing uncertainty.

Investors were spooked on Monday by comments from President Trump over the weekend that suggested his administration's pain tolerance is higher than many on Wall Street expected. When asked by Fox News's Maria Bartiromo, in an interview aired Sunday, if he expected there to be a recession this year, Trump said, "I hate to predict things like that. There is a period of transition."

The answer echoed his address to Congress last week, in which he said of tariffs, "There will be a little disturbance, but we're OK with that." Trump's Treasury Secretary Scott Bessent struck a similar note in an interview with CNBC on Friday when he said the U.S. economy had become dependent on government spending, "and there's 澳洲幸运5官方开奖结果体彩网:going to be a detox period."

When pressed by Bartiromo on the market's negative response to his tariffs, Trump stuck to his short-term pain for long-term gain message. “What I have to do is build a strong country. You can’t really watch the stock market,” he said.

Update—March 10, 2025: This story has been updated to reflect the market close.