US stocks tumble and dollar hits three-year low as Trump continues to bash Fed Chair Powell
CNN
US stocks and the dollar tumbled Monday as investors assessed continued tariff uncertainty and the implications of President Donald Trump’s ongoing mission to try and oust Federal Reserve Chair Jerome Powell.
US stocks and the dollar tumbled Monday as investors assessed continued tariff uncertainty and the implications of President Donald Trump’s ongoing mission to try and oust Federal Reserve Chair Jerome Powell. The Dow fell 750 points, or 1.9%. The broader S&P 500 fell 2.1%. The tech-heavy Nasdaq Composite slid 2.65%. Stock futures had slumped in premarket trading after the three major indexes closed last week in the red. The US dollar index, which measures the dollar’s strength against six foreign currencies, slumped 1.1% to its lowest level in more than three years. Wall Street has been on edge since Trump on Thursday lashed out at Powell and said on social media that his “termination cannot come fast enough!” Trump lambasted Powell for not cutting interest rates — a complaint he has levied multiple times against the Fed chair. The diatribe came as the European Central Bank cut its benchmark interest rate and after Powell spoke last week of the potential economic consequences of Trump’s tariff agenda. “If I want him out, he’ll be out of there real fast, believe me,” Trump told reporters in the Oval Office Thursday. “I’m not happy with him.”
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