Stocks dropped sharply on Monday, with the Dow Jones Industrial Average (DJIA) falling 1,039 points or 2.66%. Also, the S&P 500 Index (SPX) and the Nasdaq Composite (NDAQ) were down 2.4% and 2.7%, respectively. The decline followed President Trump’s public criticism of Federal Reserve Chair Jerome Powell, raising concerns about the Fed’s independence.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
In a Truth Social post, Trump called Powell “Mr. Too Late, a major loser,” and urged immediate interest rate cuts to avoid an economic slowdown. This fueled market uncertainty, especially after Trump hinted at Powell’s removal last week, with advisor Kevin Hassett confirming the team was exploring this option.
Following these comments, the dollar hit a three-year low, while gold surged to record highs above $3,400 per ounce.
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue