Stocks fall as Trump lashes out at Powell
CNN
US stocks were lower Thursday morning after President Donald Trump called for the termination of Federal Reserve Chair Jerome Powell for not cutting interest rates fast enough — a criticism he has levied multiple times in a long-standing feud between the president and the Fed chair.
US stocks were lower Thursday morning after President Donald Trump called for the termination of Federal Reserve Chair Jerome Powell for not cutting interest rates fast enough — a criticism he has levied multiple times in a long-standing feud between the president and the Fed chair. The Dow tumbled 700 points, or 1.8%. The broader S&P 500 slid 0.3% and the tech-heavy Nasdaq Composite fell 0.65%, erasing their gains after opening higher. Dow futures had dropped steeply Thursday morning as Trump posted on social media lambasting Powell. The Dow was also dragged lower by UnitedHealth Group (UNH), which sank 18% after the health care giant cut its profit forecast for this year. “Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’ Trump posted on social media. “Powell’s termination cannot come fast enough!” Powell said Wednesday at an economic event in Chicago that Trump’s tariffs are unlike anything in modern history, with the potential to stoke inflation and drag on economic growth, complicating the Fed’s job and the outlook for the economy. That led to a rapid selloff, with the Dow closing 700 points lower, or 1.73%. The S&P 500 fell 2.24% and the Nasdaq Composite closed 3.07% lower. “We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension,” Powell said.
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