On Tuesday, March 11, Singapore's stock market opened sharply lower, dragged down by a significant drop in U.S. equities amid concerns over tariffs and recession risks, which also sent Asian markets tumbling.

By 9:16 a.m., the Straits Times Index (STI) had fallen 1.5% to 3,839.812. In the broader market, decliners far outnumbered advancers, with 147 stocks down and 30 up, as trading volume reached 71.1 million shares worth S$142.5 million.

Local banks and major stocks opened lower. DBS Group Holdings: D05 -2.36% fell 2.2%, or S$0.99, to S$44.86, with 1.1 million shares traded. Oversea-Chinese Banking Corporation: O39 -1.52% dropped 0.8%, or S$0.14, to S$16.91, with 743,100 shares traded. United Overseas Bank: U11 -2.53% declined 1.4%, or S$0.52, to S$38.15, with 275,300 shares traded.

By 9:01 a.m., marine and offshore specialist companies were down 2.4%, or S$0.05, to S$2.08, with 2.5 million shares traded. By 9:33 a.m., ST Engineering: S63 0% slipped 0.7%, or S$0.04, to S$6.02, with 2.7 million shares traded. Meanwhile, Sembcorp Industries: U96 -2.41% fell 3.4%, or S$0.21, to S$6.01 by 9:34 a.m., with 1.6 million shares traded.

Elsewhere in Asia, Japan's Nikkei 225 index dropped over 2% in early trading, while Australia's S&P/ASX 200 index fell 1.4%. South Korea's Kospi index declined nearly 1.8%.

The tech-heavy Nasdaq Composite saw its largest single-day drop since 2022, plunging 4% overnight to 17,468.32. The S&P 500 fell 2.7% to 5,614.56, and the Dow Jones Industrial Average dropped 2.1% to 41,911.71.

According to Reuters, the decline extends a weeks-long selloff, with the S&P 500 down over 8% from its February 19 high and the Nasdaq down more than 10% from its December peak.

Similarly, European stocks hit their lowest level in nearly a month as investors dumped tech shares amid U.S. tariff uncertainty, dragging markets lower. The pan-European STOXX 600 index fell 1.3% to 546.20.

Investors worry about the impact of tariffs on major U.S. trading partners like China, Canada, and Mexico. Bloomberg reported that Donald Trump also stated the U.S. economy is in a "transition period," though he did not mention the possibility of a recession this year.

ANZ Research noted, "The sharp selloff in equities continues amid persistent concerns over U.S. tariff policies and government layoffs."

"Given reciprocal tariffs and other tariffs set to be announced in April, with more tariffs expected in May, uncertainty is unlikely to ease in the near term," the report added.

STI tumbles 1.7% at 11:00 am, Mar 11th.