Wall Street swung between sharp and more modest losses on Monday as stock markets worldwide sank on concerns President Donald Trump’s tariffs may ignite a punishing trade war.

The S&P 500 was down 0.9% in afternoon trading after Asian and European indexes logged worse drops. The Dow Jones Industrial Average was down 155 points, or 0.4%, as of 1:11 p.m. Eastern time, and the Nasdaq composite was 1.4% lower.