New York
CNN
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US Stock Market Decline
On Monday, US stock markets closed significantly lower, with the dollar dropping as investors reacted to ongoing uncertainty surrounding tariffs and President Donald Trump’s efforts to remove Federal Reserve Chair Jerome Powell.
Major Index Performance
The Dow Jones Industrial Average dropped by 972 points, or 2.48%, while the S&P 500 and Nasdaq Composite fell by 2.36% and 2.55%, respectively. Throughout the day, all three major indices saw a consistent decline before experiencing a slight recovery in the afternoon.
Widespread Selling
The downturn was extensive, with nearly all companies in the Dow and S&P 500 finishing lower. Following a week of losses, these indices are on track for their worst monthly performance since 2022.
Dollar Weakness
The US dollar index, which gauges the dollar’s value against six foreign currencies, fell more than 1%, reaching its lowest level in over three years.
Trump’s Criticism of Powell
Tension on Wall Street heightened after Trump publicly criticized Powell, asserting that his “termination cannot come fast enough.” Trump has expressed dissatisfaction with Powell for not reducing interest rates despite ongoing tariffs, raising concerns about the Fed’s independence.
Market Reaction and Future Expectations
Amid fears that Trump’s push for influence over monetary policy could undermine long-term stability, analysts noted a potential decrease in market confidence. As investors flock to traditional safe havens like gold, the dollar continues to weaken, indicating a significant shift in market dynamics.
Upcoming Earnings Reports
As Wall Street braces for upcoming earnings releases, analysts are turning their attention to first-quarter results amid tariff uncertainties. Companies such as Tesla and Alphabet are set to report soon, with investor focus squarely on guidance amidst fluctuating market conditions.
