US stocks correct as Tesla shares plunge sharply

US stocks have entered correction territory, with the Nasdaq 100 losing $1 trillion in value on Monday, its largest drop since October 2022. The S&P 500 has seen its worst two-week performance in two years, driven by recession fears. Tesla's stock has fallen to its lowest level in nearly five years, with a 20% cut in first-quarter delivery forecasts. Concerns about declining sales and CEO Elon Musk's influence have contributed to investor unease. Delta Air Lines shares dropped 14% after cutting its profit forecast by more than half. The airline cited weakened corporate travel demand, reflecting broader economic concerns affecting retailers and consumer spending.