Anxiety that tariffs and government firings will torpedo growth in the world’s largest economy extended a three-week stretch of volatility across global markets. US stocks headed toward their worst slide in 2025 as Wall Street tempered bullish views while demand for recession havens boosted sovereign bonds in the US and Europe. Bitcoin fell below $80,000. Speculation is intensifying that President Donald Trump is willing to tolerate hardship in the economy and markets in pursuit of long-term goals involving tariffs and smaller government. “I hate to predict things like that. There is a period of transition, because what we’re doing is very big,” Trump said on Fox News’ Sunday Morning Futures whether he”s expecting a recession, he said. The S&P 500 fell 2%, set to close below its 200-day moving average for the first time since November 2023. The yield on 10-year Treasuries slid nine basis points to 4.21%. The dollar wavered. US credit risk soared, and over 10 high-grade companies delayed bond sales. The Nasdaq 100 sank 3% on Monday. A gauge of the Magnificent Seven megacaps tumbled 5%. Treasury yields slid on bets that an economic slowdown would force the Federal Reserve to cut rates.