U.S. stocks fell across the board on Monday after former President Donald Trump stepped up his attack on Federal Reserve Chairman Jerome Powell, unleashing investors and throwing new uncertainty into trade policy.
The Dow Jones industrial average fell 971 points (over 2.48%), while the S&P 500 and Nasdaq composite were lost above 2.36% and 2.55%, respectively. The sale led to a rapid loss in technology, with Tesla and Navizia dropping by 7% and 6%, while Amazon, AMD and Meta each fell by about 4%.
In the Truth Social Post, Trump called Powell “Mr. Two Late, a major loser,” urging the Fed to cut interest rates soon.
The former president has the idea of removing Powell from his position and questioning the independence of the central bank.
The dollar has weakened sharply, falling to its lowest level since 2022, and gold has surged above $3,400 per ounce for the first time on record.
Bitcoin (BTC) also jumped and settled down for over $87,000.
You might like it too: Dow Jones down 1,000 points amid uncertainty over tariffs, Fed’s future
China vs. United States
The market is also tackling growing trade tensions. China cut imports of various US goods last month. Some items were stopped completely with purchases as tensions in the trade war between the two biggest economies escalated.
China has issued new warnings to countries considering trade deals with the US that could undermine China’s interests.
Since Trump announced the new tariffs on April 2, the S&P 500 has fallen by more than 8%, while the Nasdaq and Dow have fallen by nearly 10% and 9% respectively.
As the revenue season increases, investors will take a closer look at Tesla and Alphabet reports to report on signs of further cracks in the economy.
You might like it too: Bugscoin will sell out $11 million worth of BGSC, which is locked until December 9th.
