The selloff in US equities accelerated Monday with the S&P 500 dropping another 2.7% and the Nasdaq 100 losing 3.8%, it’s worst day since 2022. In the megacap space, Tesla sank 15% while Nvidia drove a closely watched gauge of chipmakers toward the lowest since April. The Dow Jones Industrial Average lost 2.1%. The main culprit? Uncertainty.

Continuing angst over Donald Trump’s unpredictable tariff threats drove investors to havens. The US president’s mass firings of federal employees—many of which are tied up in litigation—and his apparent ambivalence toward the possibility he may trigger a recession all appeared to drive equities down.