U.S. stocks slumped after President Donald Trump ramped up his newest tariffs, while investors continued to punish companies that could be losers in the artificial-intelligence revolution.

The S&P 500 sank 1% Monday. The Dow Jones Industrial Average dropped 1.7%, and the Nasdaq composite fell 1.1%.

Cybersecurity and software stocks fell to some of the market’s sharpest losses on worries AI-powered rivals could undercut their profits.

The U.S. dollar’s value edged lower against other currencies, while gold continued to rise as Trump’s latest tariff move raised uncertainty.

Bitcoin briefly fell below $64,000 but remained above its low point reached earlier this month.

On Monday:

The S&P 500 fell 71.76 points, or 1%, to 6,837.75.

The Dow Jones Industrial Average fell 821.91 points, or 1.7%, to 48,804.06.

The Nasdaq composite fell 258.80 points, or 1.1%, to 22,627.27.

The Russell 2000 index of smaller companies fell 42.79 points, or 1.6%, to 2,620.99.

For the year:

The S&P 500 is down 7.75 points, or 0.1%.

The Dow is up 740.77 points, or 1.5%.

The Nasdaq is down 614.72 points, or 2.6%.

The Russell 2000 is up 139.08 points, or 5.6%.