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Wall Street extended its losing streak on Monday, with U.S. stocks tumbling for the fourth consecutive session due to escalating trade tensions and growing concerns over the Federal Reserve's independence.
The Dow Jones Industrial Average dropped 500 points (1.3%), while the S&P 500 fell 1.4%. The Nasdaq Composite, led by technology stocks, declined the most, sliding 1.8%.
Major tech firms saw sharp losses:
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Tesla fell 5%
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Nvidia declined 4%
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AMD dropped 2%
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Meta and Amazon each lost around 2%
In response to the market turbulence, investors shifted to safe-haven assets. Gold futures surged 2.4%, reaching record highs above $3,400 per ounce. The U.S. dollar index fell more than 1% to 98.13.
This marks the third consecutive week of market declines, fueled by ongoing uncertainty around trade policy and central bank independence. Over the weekend, trade negotiations saw no progress, and China issued warnings against countries aligning with U.S. trade interests.
Further concern was sparked by President Trump's calls for an immediate rate cut and his suggestion of removing Fed Chair Jerome Powell, raising alarms about the Fed’s ability to act independently.
Looking ahead, over 100 S&P 500 companies are set to release earnings this week, including Alphabet, Tesla, and Boeing, which could steer market sentiment in the coming days.
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