NEW YORK (AP) — The U.S. stock market’s sell-off cut deeper on Monday as Wall Street questioned how much pain President Donald Trump will let the economy endure through tariffs and other policies in order to get what he wants.

The S&P 500 dropped 2.7% to drag it close to 9% below its all-time high, which was set just last month. At one point, the S&P 500 was down 3.6% and on track for its worst day since 2022. That’s when the highest inflation in generations was shredding budgets and raising worries about a possible recession that ultimately never came.

The Dow Jones Industrial Average dropped 890 points, or 2.1%, after paring an earlier loss of more than 1,100, while the Nasdaq composite skidded by 4%.