Stock indexes drop as President Trump's threat to fire Fed Chair Powell raises concerns

From Nasdaq: 2025-04-21 12:38:00

Stock indexes are down today, with the S&P 500, Dow Jones, and Nasdaq 100 falling to 1-week lows. President Trump’s possible firing of Fed Chair Powell has intensified selling in stocks, causing the dollar to hit a 3-year low. Gold rallied to a record high as confidence in the dollar wanes.

Bitcoin is up over 3% to a 2-1/2 week high due to the dollar’s 3-year low. The market is discounting a 14% chance of a -25 bp rate cut after the May FOMC meeting. This week’s focus is on Q1 earnings and potential US trade policy changes.

Overseas markets are mixed, with China’s Shanghai Composite rising and Japan’s Nikkei falling. Recent tariff developments show exemptions for some goods but ongoing tensions with China. Interest rates are fluctuating amid concerns over Fed Chair Powell’s potential removal.

Energy producers are down as WTI crude falls over 2%. Gold-mining stocks are climbing as gold hits a new high. Health insurance stocks are declining. Notable stock movements include Tesla, Nvidia, Amazon, Apple, and other tech giants.

Fidelity National Information is up over 4%, leading gainers in the S&P 500. Discover Financial Services rises after approval for Capital One’s purchase. Netflix reports strong Q2 revenue. Earnings reports for various companies are expected on 4/21/2025.



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