US close: Stocks sharply lower as Trump takes aim at Powell
By Iain Gilbert
Date: Monday 21 Apr 2025
(Sharecast News) - Major indices closed sharply lower on Monday as traders returned from the Easter long-weekend break to an escalation in tensions between the White House and the Federal Reserve.
At the close, the Dow Jones Industrial Average was down 2.48% at 38,170.41, while the S&P 500 lost 2.36% to 5,158.20 and the Nasdaq Composite saw out the session 2.55% weaker at 15,870.90.
The Dow closed 971.82 points lower on Monday, extending losses recorded in the previous session on the back of a warning from Federal Reserve chairman Jerome Powell that the central bank could very well find itself in somewhat of a quandary when it comes to its efforts to both control inflation and support economic growth.
Powell noted that with elevated uncertainty surrounding the impact of Donald Trump's recently implemented tariffs on the US economy, he now expects to see inflation rise and growth slow, undermining both elements of the Fed's dual mandate of ensuring price stability while maximising employment and making it harder for the central bank to justify loosening monetary policy and further.
"We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension," Powell said. "If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close."
Powell said Trump's tariffs were "likely to move us further away" from its goals for "the balance of this year", while Chicago Fed head Austan Goolsbee cautioned that the tariffs will potentially cause the US economy to "fall off" by the summer.
Trump said Powell's termination "can't come fast enough", with White House economic advisor Kevin Hassett stating the administration was currently looking into just that, leading to fresh questions around the central bank's independence. He later demanded that Powell, who he called "Mr Too Late and "a major loser", lower interest rates "NOW".
Also of note, the greenback hit a three-year low on Monday, while gold prices surged to record highs of more than $3,400 per ounce.
No major data points were scheduled for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Nike Inc. (NKE) $56.12 0.65%
Walgreens Boots Alliance, Inc. (WBA) $10.87 0.55%
Amgen Inc. (AMGN) $273.68 0.08%
Dowdupont Inc. (DWDP) $0.00 0.00%
Intel Corp. (INTC) $18.84 -0.08%
Dow Chemical Co. (DOW) $28.12 -0.11%
Merck & Co. Inc. (MRK) $77.92 -0.19%
Coca-Cola Co. (KO) $72.77 -0.32%
Johnson & Johnson (JNJ) $156.95 -0.35%
McDonald's Corp. (MCD) $308.72 -0.83%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $425.33 -6.34%
Salesforce.Com Inc. (CRM) $236.10 -4.45%
Microsoft Corp. (MSFT) $359.12 -3.61%
American Express Co. (AXP) $242.51 -3.50%
Caterpillar Inc. (CAT) $284.42 -3.23%
3M Co. (MMM) $125.81 -3.16%
Cisco Systems Inc. (CSCO) $54.37 -3.10%
Chevron Corp. (CVX) $133.73 -3.00%
Visa Inc. (V) $320.10 -2.89%
Procter & Gamble Co. (PG) $165.90 -2.86%
S&P 500 - Risers
Kohls Corp. (KSS) $7.02 8.33%
Dollar Tree Inc (DLTR) $79.65 5.50%
Nektar Therapeutics (NKTR) $0.63 3.78%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $365.67 3.65%
Microchip Technology Inc. (MCHP) $39.43 3.57%
Discover Financial Services (DFS) $165.31 3.56%
Kraft Heinz Co. (KHC) $29.94 3.13%
Netflix Inc. (NFLX) $987.91 2.86%
Dollar General Corp (DG) $95.76 2.73%
Align Technology Inc. (ALGN) $172.22 2.70%
S&P 500 - Fallers
Universal Health Services Inc. (UHS) $157.05 -10.15%
Humana Inc. (HUM) $245.91 -7.02%
CenturyLink Inc. (LUMN) $3.09 -6.69%
Unitedhealth Group Inc. (UNH) $425.33 -6.34%
Nvidia Corp. (NVDA) $96.91 -6.05%
H&R Block Inc. (HRB) $59.69 -5.41%
ONEOK Inc. (OKE) $81.85 -5.11%
Quanta Services Inc. (PWR) $254.10 -5.03%
Arista Networks Inc. (ANET) $67.67 -4.96%
Broadcom Inc. (AVGO) $166.21 -4.94%
Nasdaq 100 - Risers
Dollar Tree Inc (DLTR) $79.65 5.50%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $365.67 3.65%
Microchip Technology Inc. (MCHP) $39.43 3.57%
Kraft Heinz Co. (KHC) $29.94 3.13%
Netflix Inc. (NFLX) $987.91 2.86%
Align Technology Inc. (ALGN) $172.22 2.70%
Regeneron Pharmaceuticals Inc. (REGN) $561.49 1.72%
Illumina Inc. (ILMN) $72.00 1.59%
Mondelez International Inc. (MDLZ) $67.76 1.54%
Wynn Resorts Ltd. (WYNN) $74.96 1.30%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $96.91 -6.05%
Tesla Inc (TSLA) $227.50 -5.80%
Workday, Inc. (WDAY) $214.10 -5.59%
Broadcom Inc. (AVGO) $166.21 -4.94%
Check Point Software Technologies Ltd. (CHKP) $207.36 -4.19%
Alphabet Inc. Class C (GOOG) $149.86 -4.13%
Charter Communications Inc. (CHTR) $322.43 -4.13%
Paychex Inc. (PAYX) $140.39 -4.09%
Alphabet Inc. Class A (GOOGL) $147.67 -4.08%
Expedia Group Inc. (EXPE) $146.67 -3.99%
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