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QUOTES-Wall Street selloff deepens as Trump sparks recession concerns
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QUOTES-Wall Street selloff deepens as Trump sparks recession concerns
Mar 10, 2025 8:57 AM

NEW YORK, March 10 (Reuters) - Major U.S. stock indexes

sank on Monday after U.S. President Donald Trump declined to

predict whether his tariff policies could lead to a recession,

roiling investor sentiment.

The Nasdaq Composite slumped almost 4% after moving

into a correction last week. The S&P 500 slid 2%, and the index

is now about 8% down from its all-time high from February 19.

Below are investor and analyst comments about the

selloff.

ROSS MAYFIELD, INVESTMENT STRATEGIST, BAIRD, LOUISVILLE,

KENTUCKY

"The Trump administration seems a little more accepting of

the idea that they're OK with the market falling, and they're

potentially even OK with a recession in order to exact their

broader goals. I think that's a big wake-up call for Wall

Street. There had been a sense that President Trump kind of

measured his success on stock market performance, there was even

somewhat of a 'Trump put' so to speak, and I think we're seeing

that's not the case, so the market is starting to reflect that

reality."

"(Tech stocks have) very extended valuations trading at

pretty big premiums to the broader market. So you're bound to

have some air pockets, and technically they don't look great.

There could be more weakness to come over the near term, but I

would definitely be buying these high quality growth companies

on the dip."

"One place we're having to revisit is my preference for US

(stocks) over international. The pressure that the Trump

administration is putting on foreign governments... has

actually, in a lot of cases, resulted in outperformance from

those countries (such as) China and Europe. That's a place we're

revisiting to decide if we think it's something more structural

or just a short term trade."

AYAKO YOSHIOKA, SENIOR INVESTMENT STRATEGIST, WEALTH

ENHANCEMENT, LOS ANGELES

"We've seen clearly a big sentiment shift. And part of this

is just a result of the momentum that we had seen in many of the

growth stocks over the last two years. They're all sort of

falling a lot more so than everything else. And a lot of what

has worked is not working now. I think there was just a reason

to take some chips off the table. The uncertainty going forward

clearly keeps people a little bit more nervous about the

trajectory of the market path."

ART HOGAN, CHIEF MARKET STRATEGIST, B RILEY WEALTH

"The narrative changes on a daily basis around

tariffs--that's what causing all this uncertainty. The damage

around markets that has everything to do with sentiment is

reflected more in the Nasdaq, because technology stocks are

certainly more influenced by risk sentiment. De-risking also

tends to take you out of the high beta names which are in the

Nasdaq. Today is no different."

CHRIS ZACCARELLI, CHIEF INVESTMENT OFFICER, NORTHLIGHT ASSET

MANAGEMENT, CHARLOTTE, NC

"The NASDAQ has been risk-off all year long. Today isn't

anything new from what we've seen for the last couple of weeks,

but it is a continuation of what we've been seeing. And so

that's just the unfortunate combination of very high valuations

which is where we started the year and then increased

uncertainty."

THOMAS HAYES, CHAIRMAN AT GREAT HILL CAPITAL LLC

"If you want to know what's going on with the U.S. market,

stop paying attention to tariffs and start paying attention to

Japanese government bond yields. The carry trade is unwinding,

and all that hot money was in Mag 7. So that's why tech is

down."

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