Wall Street Sinks as Trump Slams Fed
U.S. stocks experienced a significant downturn on Monday, triggered by President Trump's intensified criticism of Federal Reserve Chair Jerome Powell. This development heightened concerns regarding the independence of the central bank, subsequently unsettling investor confidence. The market decline was both rapid and widespread, with the S&P 500 and Nasdaq dropping by 2.4% and 2.5%, respectively. The Dow plummeted 971 points, with notable declines among tech industry leaders. Tesla shares dipped by 6%, Nvidia decreased 4.5%, and Amazon saw a 3.1% decrease. All 11 market sectors ended the day in negative territory, with technology, consumer discretionary, and energy stocks sustaining the most significant losses.
In a post on Truth Social, Trump referred to Powell as "Mr. Too Late, a major loser" and called for immediate interest rate cuts. This demand came shortly after he suggested that his team might consider removing Powell from his position. Further compounding investor apprehension was the persisting global trade uncertainty, especially with China, as negotiations appeared to stagnate. As earnings season progresses, investors are closely monitoring upcoming reports from Alphabet, Tesla, IBM, and Boeing to gauge market direction.
The material has been provided by - RobotFX
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