Stocks tumbled in early trading Monday amid lingering concerns about President Trump’s tariff policies and their potential impact on the economy, as well as fears about the stability of Federal Reserve leadership.

The S&P 500 and tech-heavy Nasdaq Composite were down 1.9% and 2.4% about 45 minutes after the opening bell, while the Dow Jones Industrial Average slipped 1.8%, or nearly 700 points. Each of the major indexes lost ground last week, giving back a portion of the previous week’s big gains, as trade tensions with China intensified and Federal Reserve Chairman Jerome Powell said that tariffs would cause inflation to rise and economic growth to slow, posing a challenge for the central bank as it decides where to set interest rates.

China on Monday said it would retaliate against countries that cooperate with the U.S. on trade deals that hurt China’s interest, while Trump in a social media post listed eight so-called “non-tariff cheating” measures, including currency manipulation, value-added taxes and export subsidies. The Trump administration, which has imposed new tariffs on countries around the world, including a 145% import tax on goods from China, has said it in is negotiations with dozens of countries.

Adding to the mix, Trump on Monday reiterated his criticism of Powell, calling the Fed chair a”major loser” and saying that interest rates should be lowered immediately. Investors are concerned that an abrupt dismissal of the Fed chair, whose term runs for about another year, would further destabilize global markets.

The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was at 98.30 this morning, down from 99.38 at the end of last week and trading at its lowest levels in three years. The dollar has steadily weakened in recent months as the trade tensions have escalated.

The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of loans, was at 4.36%, up from 4.33%. The yield, which moves in the opposite direction of bond prices, has risen substantially this month amid the confusion surrounding U.S. trade policy.

Gold futures were up 3.2% at $3,435 an ounce this morning, trading at another record high as investors turn to the precious metal as a safe haven.

Shares of the world’s largest technology companies were down across the board in early trading, led by a 6.5% decline for EV maker Tesla (TSLA), which is due to release its quarterly earnings report after the closing bell tomorrow.

Chipmakers Nvidia (NVDA) and Broadcom (AVGO) were down 5% and 4%, respectively, while Amazon (AMZN) and Meta Platforms (META) both retreated more than 3%. Apple (AAPL), Microsoft (MSFT) and Alphabet (GOOG) were each down more than 2%.

Among other noteworthy tech movers, chipmakers Advanced Micro Devices (AMD) and Micron (MU) each dropped about 3%, while Marvell Technology (MRVL) tumbled 5.5%.

Netflix (NFLX) shares were up slightly after the streaming giant reported better-than-expected results after the closing bell on Thursday, leading several analysts to boost their price targets for the stock.

Shares of Strategy (MSTR), the major bitcoin holder that until recently was known as MicroStrategy, were up about 2% as the digital currency gained ground. Bitcoin was at $87,800, up from an overnight low of $84,600.

Crude oil futures, which have been on a bumpy ride in recent weeks, were down sharply this morning. West Texas Intermediate futures, the U.S. benchmark, slid 2.6% to $63 per barrel.