The so-called Magnificent Seven tech stocks fell sharply Monday, sending the Nasdaq down more than 3% in morning trading.

Meta, Apple and Nvidia had all dropped ore than 5% as of 11 a.m., while Google parent Alphabet was down more than 4% and Microsoft and Amazon were off more than 3%.

Tesla was leading the drop, as the stocksunk more than 8% in morning trading. Tesla shares have been on a steady decline amid blowback over CEO Elon Musk’s political activities and work to slash government spending through the Trump administration’s Department of Government Efficiency. The stock’s wipeout has caused Musk’s net worth to plunge by more than $150 billion so far this year.

Investors are worried about the effect of President Donald Trump’s economic polices, especially the uncertainty around tariffs and growing fears of a possible recession. Last week was the stock market’s worst in two years and the Nasdaq fell into correction on Thursday, falling more than 10% from its latest peak in December.

Trump’s trade war is perceived to be a big threat for the Big Tech stocks, particularly giants like Tesla, Nvidia and Apple. WhileTrump has paused much of the wide-ranging tariffs on Canada and Mexico, the China tariffs are still on as Beijing retaliates.

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