TechFlow reported that on March 10, the US stock market experienced a significant decline, with technology stocks recording the largest drop since 2022. The Nasdaq 100 index plummeted nearly 4%, resulting in a market capitalization loss of over $1 trillion. The S&P 500 index fell 2.7%, closing below its 200-day moving average for the first time since November 2023, ending a 336-trading-day streak above that threshold.

Cryptocurrency-related stocks saw even more substantial declines, with Strategy dropping 16.68%, Coinbase falling 17.58%, Hut 8 declining 15.03%, and Janaun Technology decreasing 14.17%. Tesla's stock price plummeted 15.4%, expanding its year-to-date losses to 45%. Bitcoin prices fell to a four-month low, bond sales were canceled, and the Wall Street Fear Index soared.

The market is concerned that the Trump administration's tariff policies, spending cut plans, and geopolitical uncertainties may lead the US economy into stagnation. Trump recently warned Americans that they may experience "some unease" due to the trade war and refused to rule out the possibility of an economic recession, triggering investor panic. Deutsche Bank data shows that US stock positions are currently slightly lower, the first time since August last year. Goldman Sachs reported that hedge funds are aggressively unwinding their positions, with the long-short stock ratio reaching the lowest level since 2019.

Investors are withdrawing from risky assets and shifting towards defensive sectors such as energy, consumer staples, and utilities. US Treasury yields have declined sharply, with the 2-year Treasury yield dropping by about 11 basis points. Wall Street strategists and economists have started to increase their expectations for a US economic recession, and the market generally anticipates more declines in the future.