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.

US stocks opened sharply lower Monday after President Donald Trump said the US economy would see “a period of transition” and refused to rule out a recession, in an interview that aired Sunday.

President Trump on Sunday defended his tariffs against some of the United States' allies. However, the continental trade war has rattled global markets and sparked concerns about a possible recession,