Stock markets fell further on Monday as investors around the world worried about the health of the American economy and businesses braced for the destabilizing effects of tariffs on global trade.

The S&P 500 fell 1.5 percent at the start of trading on Wall Street, adding to last week’s losses, which were the steepest in several months. After three straight weeks of selling, the index is now about 7 percent below a record set last month, approaching a “correction,” a Wall Street term for a significant decline from a recent high.

The tech-heavy Nasdaq has been hit particularly hard. It fell into a correction last week, and dropped another 2 percent on Monday. Tesla’s shares fell more than 5 percent, Alphabet lost 4 percent and Nvidia slipped more than 2 percent.

Stocks in Europe and Asia also came under pressure. An index tracking the eurozone’s largest public companies, which hit a record high last week, dropped 0.9 percent. Hong Kong’s Hang Seng Index fell more than 1.8 percent.

Investors seeking havens continued to opt for the relative safety of bonds, pushing down the 10-year U.S. Treasury yield to 4.24 percent. (Bond prices move inversely to yields.) The combination of falling stocks and declining interest rates is often seen as a sign of economic unease.

In a Fox News interview that aired on Sunday, President Trump refused to rule out the possibility that his policies would cause a recession.

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