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... Tech stocks tumbled by the most since 2022 -- driving the Nasdaq 100 Index down nearly 4%. Crypto prices slid. Corporate bond sales were scrapped. A gauge of credit risk surged. And Treasuries rallied, pulling yields down steeply, as they reprised their role as the haven of last resort.

Within the stock market itself, shifts in and out of different sectors told the same story: Growing fear that President Donald Trump's tariff hikes, spending cuts and geopolitical shakeups will stall what until recently has been an economy that constantly defied naysayers with its strength.

Trump and his surrogates have started warning that retooling the US economy may bring some near-term pain -- and investors are preparing for just that. As the carnage piled up, they took refuge in shares of energy, consumer staples and utility companies -- relatively spending-cut free industries that tend to fare well during recessions. ...