US stocks closed sharply lower on Monday (4/21) after President Trump stepped up his criticism of Fed Chairman Jerome Powell, raising concerns about the central bank's independence and shaking investor confidence. The selloff was swift and widespread, with the S&P 500 and Nasdaq down 2.4% and 2.5%, respectively. The Dow dropped 971 points, while tech giants led the decline—Tesla dropped 6%, Nvidia dropped 4.5% and Amazon dropped 3.1%. All 11 sectors ended in the red, with tech, consumer staples and energy stocks the hardest hit. In a Truth Social post, Trump called Powell "Mr. Too Late, a big loser" and demanded an immediate interest rate cut, just days after hinting that his team could explore the possibility of removing Powell from his post. Global trade uncertainty, particularly with China, further weighed on sentiment as negotiations made little progress. With earnings season underway, investors are eyeing upcoming reports from Alphabet, Tesla, IBM and Boeing for direction. (Newsmaker23)
Source: Trading Economics
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