Dow slides more than 950 points as Trump rips Fed Chair Powell, reigniting investor worries: Live updates!!!

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 dropped 971.82 points, or 2.48% to close at 38,170.41. The S&P 500 shed 2.36% and ended at 5,158.20, and the Nasdaq Composite lost 2.55% to settle at 15,870.90.

“Magnificent Seven” tech titans dragged the major indexes lower, with Tesla and Nvidia respectively losing 5.8% and more than 4%. Amazon shed 3%, as did Meta Platforms. Equipment manufacturer Caterpillar declined 2.8%.

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.

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.
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