Apr 22, 2025 12:35 AM IST
US Stock Market LIVE: Dow drops 1,200 points, S&P 500 loses 3% as Trump again attacks Powell and sows investor doubt
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 little signs of progress on global trade talks.
The Dow Jones Industrial Average traded 1,221 points lower, or 3.1%. The S&P 500 shed 3.3%, and the Nasdaq Composite lost 3.6%.
“Magnificent Seven” tech titans dragged the major indexes lower, with Tesla and Nvidia respectively losing 7% and 6%. Amazon shed 4%, as did Advanced Micro Devices and Meta Platforms. Equipment manufacturer Caterpillar declined 3%.
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.
