Wall Street Slides as Trump Targets Powell
U.S. stocks experienced a significant downturn on Monday following President Trump's intensified critique of Federal Reserve Chair Jerome Powell. This development raised concerns about the Fed's independence and disquieted investors. The market's reaction was immediate, with both the S&P 500 and Nasdaq shedding over 3%. This decline was primarily driven by substantial drops in major tech stocks such as Tesla, which plummeted 7%, Nvidia with a 5.8% decrease, and Amazon falling by 3.8%. The Dow also suffered a substantial loss, declining by over 1,200 points. Across the board, all sectors closed in negative territory, with the steepest losses seen in technology, consumer discretionary, and materials. In a post on Truth Social, Trump referred to Powell as "Mr. Too Late, a major loser," and called for an immediate reduction in interest rates, echoing sentiments he expressed just days earlier about potentially transitioning Powell out of his position. The ongoing uncertainty surrounding global trade, particularly with China, further eroded investor confidence as negotiations showed minimal advancement. With earnings season drawing focus, pivotal reports from leading companies such as Alphabet, Tesla, IBM, and Boeing are poised to attract significant investor attention.
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