Stocks fell sharply on Monday due to ongoing concerns about President Trump's tariff policy and its potential impact on the economy, as well as rising worries that the Fed's independence might be compromised.

The S&P 500 and Nasdaq Composite, which is tech-heavy, fell 2.4% and 2.6%, respectively, while the Dow Jones Industrial Average dropped 2.5%, or nearly 1,000 points. Stocks lost value last week, regaining some of the significant gains from the previous week as trade tensions with China increased and Federal Reserve Chairman Jerome Powell indicated that tariffs would drive inflation up and slow economic growth, posing challenges for the central bank in deciding interest rates.

China said on Monday it would retaliate against countries cooperating with the United States in trade agreements that harm China's interests. The Trump administration, which has imposed new tariffs on countries around the world, including a 145% import tax on goods from China, has declared this in negotiations with dozens of countries.

Additionally, on Monday, Trump continued to criticize Powell by calling the Fed chairman a "big loser" and stated that interest rates should be lowered immediately. Investors are concerned that abruptly firing the Fed chairman, who has a term lasting about another year, will further destabilize global markets. Last week, Trump said, "The firing of Powell cannot happen fast enough," while White House economic advisor Keven Hassett indicated that the president is evaluating ways to potentially fire Powell.

The U.S. dollar index, a measure of the dollar's performance against a basket of foreign currencies, was at 98.35 at the end of Monday, down from 99.38 at the end of the previous week. This index, which has been under pressure for weeks amid trade uncertainties, hit a three-year low this morning.

The 10-year Treasury yield, which affects borrowing costs for all types of loans, is at 4.42%, up from 4.33%. Yields rise when bond prices fall and have risen significantly this month amid market turmoil.

Gold futures rose 3.2% to about $3,435 an ounce at the end of trading, after reaching a new record high of over $3,440 this morning, as investors turned to this precious metal as a safe haven.

Shares of the largest technology companies in the world fell broadly on Monday, led by a nearly 6% drop in electric vehicle maker Tesla (TSLA), which is expected to announce its quarterly earnings report after the closing bell tomorrow.

Chip manufacturers Nvidia (NVDA) and Broadcom (AVGO) fell 4.5% and nearly 3%, respectively, while Amazon (AMZN) and Meta Platforms (META) both fell about 3%. Apple (AAPL), Microsoft (MSFT), and Alphabet (GOOG) all fell about 2%.

Among other notable tech companies, chip maker Marvell Technology (MRVL), cybersecurity provider Palo Alto Networks (PANW), and advertising technology company Applovin (APP) all fell more than 4%, while server maker Super Micro Computer (SMCI) fell more than 6%.

Netflix (NFLX) shares rose 1.5% after the streaming giant reported better-than-expected results after the closing bell on Thursday, prompting some analysts to raise their price targets for the stock. The shares had risen by as much as 5% in early trading.

Chevron (CVX) shares closed down 3%, while oilfield service companies Halliburton (HAL) and Baker Hughes (BKR) both fell nearly 3% as crude oil futures declined. West Texas Intermediate crude futures, the U.S. benchmark, fell 2% to $63.40 a barrel amid concerns about slowing global demand.

Bitcoin is at $87,100, up from an overnight low of $84,600 but down from a previous high of around $88,500.

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