U.S. stocks were slammed for a third day on Monday as the White House remained defiant even after President Donald Trump’s rollout of shockingly high tariff rates on most key U.S. trading partners has caused a market meltdown.

The S&P 500 lost 3.5%. If the benchmark closes there, it will bring its losses from its closing record touched in February to 20%, a bear market in Wall Street terms. The Dow Jones Industrial average tumbled 1,200 points, or 3.2%. The Nasdaq composite dropped 3.7%, further into bear territory, as investors sold their tech winners to raise cash.

Big tech stocks sinkin morning trading. Palantir fell 10%; Nvidia fell 8%, TSMC, Tesla, and AMD fell 7%; Apple fell 6%.