On March 11, according to 4E monitoring, Trump's statement over the weekend that the US economy is facing a "transition period" weakened investors' confidence in the policy shift in the context of the market slump, and economic concerns intensified. On Monday, the three major indices of US stocks fell sharply. The S & P 500 index fell 2.7%, setting a new closing low since September last year; the Dow fell 2.08%, erasing the gains since the US election in November last year; the Nasdaq fell 4%, the largest daily decline since September 2022. Large technology stocks fell together, and Tesla closed down more than 15%, the largest decline since September 2020. The stock price "halved" from the historical high. The market value of the seven technology giants evaporated by more than 830 billion US dollars on Monday, setting a record for the largest single-day market value loss. The "Black Monday" of the US stock market led to the collapse of the crypto market. Bitcoin reached a minimum of $76,600, a new low in nearly four months. It basically returned to the level when Trump won the election last year. It rebounded slightly to $79,125, a 24-hour decline of about 3.5%. Mainstream counterfeit products such as ETH and SOL were also bloodied. Ethereum fell below $1,800, the lowest since October 2023. Uncertainty over Mr. Trump's tariffs has been fuelling market fears of a US recession for nearly two months. There is a growing view that Mr. Trump may tolerate short-term economic and market distress in order to achieve his long-term goals of tariffs and reducing the size of the government. At present, the Federal Reserve has entered a quiet period before the March 19 FOMC meeting, and the market cannot obtain new policy guidance from officials' remarks.