BlackRock Chief Executive Officer Larry Fink said most CEOs he talks to think the U.S. is in a recession, warning that stock markets could decline further as President Donald Trump’s tariff policies destabilize the world economy.

“The economy is weakening as we speak,” Fink, 72, said in an interview Monday at the Economic Club of New York, adding that he foresees more of an economic slowdown in the coming months.

Inflation is likely to be elevated, Fink said, casting doubt on the Federal Reserve cutting rates multiple times this year. As an example of worries spiking, Fink said he’s already heard from airline executives about the decline in travel demand.

“Most CEOs I talk to would say we are probably in a recession right now,” Fink said.

Global equity markets were hit with a stampede of selling last week, wiping out trillions of value after President Donald Trump unveiled a raft of unexpectedly sweeping and complicated tariffs. Investors dumped risk and raced to buy bonds, seeking safety and wagering on the Federal Reserve cutting interest rates.

“I would say in the long run, this is more of a buying opportunity than it is a selling opportunity,” Fink said.

Tesla shares sink again, plunges over 9%

Tesla’s stock extended losses Monday, dropping below a price at which Commerce Secretary Howard Lutnick predicted they’d never fall to again.

The shares plunged 9.2% to $217.41 early in New York, amid a broader sell-off in global equity markets. Lutnick said during a Fox News interview on March 19 — when Tesla closed at $235.86 — that viewers should buy the stock, saying “it’ll never be this cheap again.” Chief Executive Officer Elon Musk told Tesla employees the following day that they should hang on to their shares.

Shares recovered slightly, closing down 2.6% to $233.29.

The latest decline comes after one of Tesla’s biggest bulls — Wedbush Securities analyst Daniel Ives — slashed his price target on the stock by more than 40%, citing Trump’s trade policies and a brand crisis created by Musk.

Tesla shares have fallen 55% from a record high reached in mid-December. The stock had surged following Trump’s election victory, which many expected to be a boon for the company, given Musk’s proximity to the then president-elect. Instead, Musk’s involvement in political controversies both in the U.S. and abroad has repelled some car buyers and spurred protests against the company.

Republic Airways agrees to take over Mesa

Regional airlines Republic Airways Holdings Inc. and Mesa Air Group Inc. agreed to combine in an all-stock deal that will bolster their operations in the face of sudden demand challenges across the air travel industry.

Closely held Republic will own 88% of the merged company following the close, which is expected in the late third or early fourth quarter, according to a statement Monday. Mesa shareholders will own 6% to 12% depending on the company’s achievement of certain deal criteria, and all of its debt obligations will be extinguished.

Investors have been anticipating an uptick in deal activity under President Donald Trump’s administration for the airline industry, which is now facing new strains on demand amid economic volatility. The Republic-Mesa deal will give the carriers greater “ability to navigate market cycles” and take advantage of strategic opportunities that may emerge, they said in the statement.

Republic operates flights for American Airlines, United Airlines and Delta Air Lines, ferrying passengers mainly from small and mid-sized cities to major airport hubs. Mesa flies for United, which holds a 10% stake in the smaller carrier and has provided it with loans.

Compiled from Bloomberg reports.