Equities fell further shortly after the market opened when Trump called Powell a ‘major loser’ for not cutting interest rates. Photo / Getty Images
Wall Street stocks tumbled early on Monday (Tuesday NZT) amid lingering uncertainty over Donald Trump’s trade policy as the President slammed Federal Reserve chair Jerome Powell in a new social media post.
Stocks had opened lower after China warned other countries against negotiating trade deals with the United States at Beijing’s expense.
But equities fell further shortly after the market opened when Trump called Powell a “major loser” for not cutting interest rates, underscoring questions about whether Trump will attempt to fire Powell in a move that would further unnerve markets.
About 40 minutes into trading, the Dow Jones Industrial Average was down 1.7% at 38,469.41.
The S&P 500 declined 1.9% to 5180.16, while the Nasdaq Composite Index shed 2.5% to 15,878.28.