Tech stocks tumbled by the most since 2022, sending the Nasdaq 100 Index diving nearly 4%. Crypto prices slid. Corporate bond sales were scrapped. Wall Street’s fear gauge and a key measure of credit risk surged. And Treasuries rallied, pulling yields down steeply, as they took on the role as haven of last resort.

The U.S. stock market’s sell-off accelerated as worries built about pain for the economy because of tariffs and other policies by President Donald Trump