Dow Jones attempts a recovery from the lows; Trump demands a rate cut ‘now’

Stocks fell again on Monday as President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, raising questions about the central bank’s independence, while traders received few signs of progress on global trade talks.

The Dow Jones Industrial Average traded 730 points lower, or 1.87%. The S&P 500 shed 2.13%, and the Nasdaq Composite lost 2.68%.

In a Truth Social post, Trump claimed that the economy would slow unless Powell — who he referred to as “Mr. Too Late, a major loser” — lowered interest rates immediately. This follows another post last week in which Trump also called for the Fed to lower rates, even hinting at Powell’s “termination” — something White House economic advisor Kevin Hassett said the president’s team was studying.

Stocks fell to their session lows after Trump’s post on Monday. The dollar was also under pressure, hitting a three-year low as the threats ramped up. Gold, meanwhile, soared to record highs above $3,400 per ounce.