U.S. stocks plunged Monday: tech shares posted their biggest drop since 2022, intensifying Wall Street's panic sentiment
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U.S. stocks plunged Monday: tech shares posted their biggest drop since 2022, intensifying Wall Street's panic sentiment
On March 10, the U.S. stock market suffered a sharp decline, with tech stocks posting their largest drop since 2022. The Nasdaq 100 Index plunged nearly 4%, wiping out over $1 trillion in market value. The S&P 500 Index fell 2.7%, closing below its 200-day moving average for the first time since November 2023, ending a streak of 336 consecutive trading days above this threshold. Crypto-related stocks declined even more sharply, with Strategy down 16.68% and Coinbase down 17.58%. Hut 8
Navigating Web3 tides with focused insightsTechFlow news — On March 10, U.S. stocks suffered a sharp decline, with tech shares posting their biggest drop since 2022. The Nasdaq 100 Index plunged nearly 4%, wiping out over $1 trillion in market value. The S&P 500 fell 2.7%, closing below its 200-day moving average for the first time since November 2023, ending a streak of 336 consecutive trading days above this threshold.
Crypto-related stocks declined even more sharply: Strategy dropped 16.68%, Coinbase fell 17.58%, Hut 8 tumbled 15.03%, and Canaan Creative slid 14.17%. Tesla’s stock plummeted 15.4%, widening its year-to-date loss to 45%. Bitcoin prices sank to a four-month low, bond offerings were canceled, and Wall Street’s fear index spiked.
Market concerns center on whether the Trump administration’s tariff policies, spending cuts, and geopolitical uncertainties could stall the U.S. economy. Trump recently warned Americans they might feel “a little discomfort” due to trade wars and refused to rule out a recession, spooking investors. Deutsche Bank data shows U.S. equity positioning is now slightly below neutral—the first time since August last year. A Goldman Sachs report indicates hedge funds are aggressively unwinding positions, with the long-short equity ratio falling to its lowest level since 2019.
Investors are pulling back from risk assets, rotating into defensive sectors such as energy, consumer staples, and utilities. U.S. Treasury yields have dropped sharply, with the 2-year yield falling approximately 11 basis points. Wall Street strategists and economists have begun raising their estimated probabilities of a U.S. recession, and the market widely expects further declines ahead.
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