Stock markets fell further on Monday as investors around the world worried about the health of the American economy as businesses braced for the destabilizing effects of tariffs on global trade.

The S&P 500 slid roughly 2 percent in early trading on Wall Street, on course for its worst day of the year. After three straight weeks of selling, the index is now more than 8 percent below a record high set last month, approaching a “correction,” a Wall Street term for a decline of 10 percent or more from a recent high.

“The markets are scared of the uncertainty that the tariff rhetoric is bringing,” said Andrew Brenner, head of international fixed income at National Alliance Securities.

The tech-heavy Nasdaq has been hit even harder, as the rally driven by enthusiasm for artificial intelligence reversed course. The index fell into a correction last week, and dropped nearly 4 percent on Monday. Tesla’s shares plunged more than 8 percent, while Alphabet, Apple and Nvidia each fell over 4 percent.

“There’s just no support in the tech stocks right now, and that shows up on the index level,” said Larry Tentarelli, the chief technical strategist at Blue Chip Daily Trend Report.

Stocks in Europe and Asia also came under pressure but the declines paled in comparison to losses on U.S. markets. An index tracking the eurozone’s largest public companies, which hit a record high last week, dropped 1.6 percent. Hong Kong’s Hang Seng Index fell more than 1.8 percent.

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