US President Trump does not rule out the possibility of a US recession

Technology stocks bore the brunt of the selloff, pushing the Nasdaq deeper into correction territory. The decline was attributed to Trump's refusal to rule out a recession, rather than any specific economic indicators or data.

Donald Trump, the President of the United States, has declined to rule out the possibility of a recession in the US economy. In recent interviews with Fox News and NBC's "Meet the Press", Trump stated that the economy is in a "period of transition" amid concerns over his trade policies, which have led to stock market volatility. Commerce Secretary Howard Lutnick has been more optimistic, dismissing concerns of a recession. Trump's comments come after imposing tariffs on Canada and Mexico, which were later lifted on some goods.