Wall Street weakened Monday as investors worldwide get more skeptical about U.S. investments because of President Donald Trump’s trade war and his criticism of the Federal Reserve, which are shaking the traditional order.

The S&P 500 sank 2.4% in another wipeout. That yanked the index that’s at the center of many 401(k) accounts 16% below its record set two months ago.

The Dow Jones industrial average dropped 971 points, or 2.5%, while losses for Tesla and Nvidia helped drag the Nasdaq composite down 2.6%.

Perhaps more worryingly, U.S. government bonds and the value of the U.S. dollar also sank as prices retreated across U.S. markets. It’s an unusual move because Treasurys and the dollar have historically strengthened during episodes of nervousness. This time around, though, it’s policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world’s safest investments.

Trump continued his tough talk on global trade as economists and investors continue to say his stiff proposed tariffs could cause a recession if they’re not rolled back. U.S. talks last week with Japan failed to reach a quick deal that could lower tariffs and protect the economy, and they’re seen as a “test case,” according to Thierry Wizman, a strategist at Macquarie.

Trump has recently focused more on China, which has also been keeping up its rhetoric.

Also hanging over the market are worries about Trump’s anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to give the economy more juice.

On Wall Street, Big Tech stocks helped lead indexes lower ahead of their latest earnings reports due later this week.

Tesla sank 5.7%. The electric vehicle maker’s stock has more than halved from its record set in December.

Nvidia fell 4.5% for a third straight drop after disclosing that U.S. export limits on chips to China could hurt its first-quarter results by $5.5 billion.

They led another wipeout on Wall Street, and 92% of the stocks within the S&P 500 fell.

Among the few gainers were Discover Financial Services and Capital One Financial, which climbed after the U.S. government approved their proposed merger. Discover rose 3.6%, while Capital One added 1.5%.

All told, the S&P 500 fell 124.50 points to 5,158.20. The Dow dropped 971.82 to 38,170.41, and the Nasdaq composite tumbled 415.55 to 15,870.90.

Gold also climbed to burnish its reputation as a safe-haven investment, unlike some others.

But longer-term yields rose with doubts about the United States’ standing in the global economy. The yield on the 10-year Treasury climbed to 4.40%, up from 4.34% at the end of last week and from just about 4% earlier this month. That’s a substantial move for the bond market.

The U.S. dollar’s value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies.

— Associated Press