U.S. Stocks Plunge Amid Trumpās Fed Criticism and trade Uncertainty
U.S. stocks took a hit on Monday.Former President Donald Trumpās harsh words about Fed Chair Jerome Powell and trade policy unsettled investors. The Dow Jones fell by over 971 points, or 2.48%. The S&P 500 and Nasdaq also dropped by 2.36% and 2.55%, respectively.
Tech stocks were hit the hardest. Tesla and Nvidia saw losses of 7% and 6%. Amazon, AMD, and Meta each fell by about 4%. Trump called Powell āMr. Too Lateā on Truth Social, urging the Fed to cut interest rates. He even suggested removing Powell from his role, raising concerns about the Fedās independence.
The dollar weakened, reaching its lowest point sence 2022. Gold prices soared past $3,400 per ounce. Bitcoin also rose, settling above $87,000.
Trade tensions between China and the U.S. added to the marketās woes. China reduced imports of U.S. goods, with some items seeing a complete halt. The country warned others against trade deals that coudl harm Chinese interests.
Since Trump announced new tariffs on April 2,the S&P 500 has dropped by over 8%. The Nasdaq and Dow have fallen by nearly 10% and 9%, respectively. As earnings season begins, investors will closely watch reports from Tesla and alphabet for signs of economic trouble.
