U.S. stocks plummet amid Trump’s Fed criticism and trade tensions with China, as gold and Bitcoin surge - IcoHolder.

U.S. stocks experienced a sharp decline on Monday, following intensified criticism of Federal Reserve Chair Jerome Powell by former President Donald Trump and mounting uncertainties surrounding trade policy. The Dow Jones Industrial Average plummeted more than 971 points, a 2.48% drop, while the S&P 500 and Nasdaq Composite both suffered losses exceeding 2.3%.

Tech stocks led the downturn, with Tesla and Nvidia falling by 7% and 6%, respectively. Other major tech companies, including Amazon, AMD, and Meta, saw declines of around 4%. The sell-off was exacerbated by Trump’s public criticism of Powell on Truth Social, where he referred to the Fed Chair as “Mr. Too Late, a major loser,” and called for an immediate rate cut. The former president also raised the prospect of removing Powell from his post, stirring concerns about the independence of the Federal Reserve.

In addition to concerns about monetary policy, markets were rattled by trade tensions between the U.S. and China. China recently reduced imports of various U.S. goods, with some categories seeing a complete halt in purchases. This move follows Trump’s imposition of new tariffs on April 2, contributing to a significant market downturn. Since the announcement, the S&P 500 has fallen by over 8%, while the Nasdaq and Dow have dropped by nearly 10% and 9%, respectively.

The dollar weakened to its lowest point since 2022, while gold surged past $3,400 per ounce, marking a new record high. Bitcoin also saw a notable rise, briefly surpassing $87,000 before stabilizing.

As earnings season progresses, investors will be watching closely for any signs of economic strain in upcoming reports from major companies like Tesla and Alphabet. With trade disputes and monetary policy in flux, market participants face an uncertain outlook.