Stocks tanked on Monday as investors turned their focus to President Trump's renewed call for lower interest rates while hurling insults at Fed Chair Jerome Powell.

The S&P 500 (^GSPC) also sank more than 2.4%. The Dow Jones Industrial Average (^DJI) dropped more than 900 points while the tech-heavy Nasdaq (^IXIC) fell more than 2.5% as high growth tech stocks sold off.

Stocks took a leg lower on Monday after President Trump hurled another public insult at Fed Chair Jerome Powell, warning of a "SLOWING" of the economy "unless Mr. Too Late, a major loser, lowers interest rates, NOW.". Too Late, a major loser, lowers interest rates, NOW."

Bitcoin (BTC-USD) showed signs of decoupling as the world's largest cryptocurrency rose to its highest level since early April, briefly surpassing $88,000, outperforming the Nasdaq year-to-date.

Gold also rose to a new all-time high above $3,430 per ounce as the US dollar slid.

With more than 100 S&P 500 (^GSPC) companies set to report first quarter financial results this week, investors will be closely listening to how individual outlooks are shaping up amid shifting policies from the Trump administration.

Technology stocks, which have led the selling action during the tariff-induced market drawdown, will be in particular focus. Each "Magnificent Seven" stock is now off 23% or more from its most recent 52-week high.

Given that the market has already sold off extensively over the past month, several Wall Street strategists have pointed out that simply watching how stocks react the day after a major earnings release will be a telling sign of whether the market has bottomed.

Take Tesla (TSLA), for instance. A fair amount of bad news has already likely been priced into Tesla's stock, with disappointing deliveries for the quarter already known and 2025 annual earnings estimates already down about 20% in the past four months. Fundstrat head of research Tom Lee wrote in a note to clients on Monday that Tesla's stock reaction after it reports earnings on Tuesday night will "tell us how 'washed out' key names" in the stock market have become

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Yahoo Finance's Brian Sozzi reports:

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Tesla (TSLA) shares extended their losses to 7% in afternoon trading, leading the "Magnificent Seven" stocks lower as the market sold off heavily.

Yahoo Finance's Pras Subramanian reports:

Other 'Mag 7' stocks also declined, including AI chip giant Nvidia (NVDA), e-commerce giant Amazon (AMZN), and iPhone maker Apple (AAPL).

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Bitcoin (BTC-USD) briefly surged past $88,000 on Monday while stocks tanked, prompting one Wall Street strategist to note that the world's largest cryptocurrency has outperformed the Nasdaq Composite (^IXIC) against the backdrop of a trade war.

"Bitcoin outperformance to Nasdaq has been striking all through the U.S tariffs crisis — Bitcoin is down 10% YTD vs. Nasdaq down 16% YTD," Bernstein managing director Gautam Chhugani wrote on Monday before the market open. "We expect Bitcoin and broader global blockchain assets to play a defining role, amidst the deglobalization trends."

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Volatility cuts both ways in the stock market.

With the major averages getting smoked again on Monday and investors bracing for a US recession, data from Truist Wealth reminds us that after big recession-induced sell-offs, stocks tend to snap back in a big way.

Not to say this data argues for trying to be a hero and call a market bottom.

But a reminder that when the bottom comes — and it will — the snapback will be powerful.

Oil prices dropped as much as 3% on Monday as nuclear talks between Iran and the US progressed, easing supply worries. A broader market sell-off amid a US-China trade war also weighed on prices.

West Texas Intermediate (WTI) crude, the US benchmark, hovered near $63 per barrel while Brent (BZ=F), the international benchmark, sat just below $66 a barrel.

Futures sank after the US and Iran held "constructive" talks over the weekend about Tehran's nuclear program.

Meanwhile, the global trade war escalates as Beijing warned countries not to team up against China when striking tariff deals with the US.

"The threats to global crude demand are back front and center on most traders' radar," Dennis Kissler, senior vice president for trading at BOK Financial, said on Monday.

Gold (GC=F) surged to a record high on Monday, surpassing $3,420 per ounce after President Trump hurled more criticism at Federal Reserve Chair Jerome Powell, urging him to lower interest rates.

The US dollar sank while gold futures touched new records after Trump warned in a post on social media of a "SLOWING" of the economy "unless Mr. Too Late, a major loser, lowers interest rates, NOW."

Year to date, gold is up more than 30% while the major averages are down by double-digit percentages.

Streaming giant Netflix (NFLX) was acting like a "defensive" play on Monday as the rest of the stock market tanked.

Yahoo Finance's Alexandra Canal has more:

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Barclays revised its euro/US dollar outlook, citing political tensions fueled by Trump’s ongoing criticism of Federal Reserve Chair Jerome Powell and the broader risks to central bank independence.

“It became clear that the execution of President Trump’s policies carried significant downside risk for the US economy and the dollar,” Themistoklis Fiotakis, Barclays global head of foreign exchange and emerging markets macro strategy, wrote in a note to clients Monday.

Fiotakis brought the firm's 12-month EUR/USD forecast to 1.15, allowing for further weakness in the near term.

He added that the ongoing loss of credibility stemming from “Liberation Day” put the dollar in an especially fragile state. The US dollar (DX-Y.NYB) extended its decline on Monday, hitting its lowest point in three years against key global currencies.

Meanwhile, Trump ramped up his attacks on Fed Chair Powell, calling for interest rate cuts after threatening to overturn the Federal Reserve chairman last week.

If the central bank eases its monetary policy by lowering rates due to pressure from the Trump administration, the impact on the US dollar could be more severe. And if Trump were to change leadership by removing Powell, the damage to the dollar would be more significant.

Barclays warned that any perceived erosion of the Fed’s autonomy could erode confidence in the dollar and accelerate capital outflows.

Losses on the major averages accelerated on Monday morning as the Dow Jones Industrial Average (^DJI) dropped over 900 points and the tech-heavy Nasdaq (^IXIC) fell more than 2.6% to hit a session low.

The S&P 500 (^GSPC) also sank more than 2.3% as the US dollar slid. Stocks opened lower but sank further after President Trump hurled another public insult at Fed Chair Jerome Powell, warning of a "SLOWING" of the economy "unless Mr. Too Late, a major loser, lowers interest rates, NOW."

Hertz (HTZ) shares tumbled 11% Monday morning, giving back gains from last week’s rally sparked by Bill Ackman’s hedge fund taking a significant position in the rental car giant.

Ackman, the CEO of Pershing Square Capital Management, shared on social media that his company had built a 19.8% stake in Hertz after accumulating shares since late last year.

Hertz stock surged on Wednesday after Pershing Square disclosed its 12.7 million share stake, fueling investor speculation about the high-profile fund's view of the struggling company.

The rental company reported a loss of nearly $2.9 billion in 2024. Hertz attributed the disappointing results to vehicle depreciation and the drop in the price of electric vehicles, which it began purchasing back in 2021 to stay competitive with the industry.

Ackman sees the company benefiting from auto tariffs, which will likely raise used car prices in the near term. Other automakers, like Audi and Volkswagen (VWAGY), have pledged to halt imports to avoid paying the 25% levies.

According to Ackman, that would be a boon for Hertz, which owns a fleet of more than 500,000 cars valued at roughly $12 billion. A 10% increase in used car prices could translate to a $1.2 billion boost in the company’s auto assets alone.

Tesla (TSLA), Nvidia (NVDA), and Meta (META) were leading the "Magnificent Seven" stocks lower on Monday amid an overall market sell-off.

EV maker Tesla dropped 4% ahead of its quarterly results due on Tuesday.

Chip giant Nvidia dropped after a report from Reuters said Chinese tech giant Huawei is set to begin shipping advanced AI chips as soon as next month. The move comes after President Trump's new export rules effectively banned Nvidia from selling its H20 chips in China.

Shares of social media platform Meta were also lower on Monday, occupying the #5 trending ticker spot on Yahoo Finance. The company will report earnings on April 30. Meta is down 17% year to date.

Yahoo Finance's Brian Sozzi reports:

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President Trump once again called for the Federal Reserve to lower interest rates in a post on Truth Social on Monday.

He warned of a "SLOWING" of the economy "unless Mr. Too Late, a major loser, lowers interest rates, NOW."

Last week, reports swirled that Trump has been pursuing possibly firing Fed Chair Jerome Powell after Trump told reporters, "If I want him out, he’ll be out of there real fast, believe me."

But investors have largely argued this wouldn't be a welcome a sign for markets, with even the possibility of Trump ousting Powell could be another headwind for stocks.

"If the independence of the Fed ... comes into question and is actually realized, I think that would further put downward pressure on the confidence that foreign investors have in investing in US dollar assets," Michael Goosay, Principal Asset Management's chief investment officer of global fixed income, told Yahoo Finance.

If you're planning a trip abroad this summer, the weak US dollar could put a dent in your travel budget.

On Monday, the US dollar (DX-Y.NYB) extended its decline, hitting its lowest point in three years against key global currencies. It's one of the worst starts to a year for the greenback in decades.

That means American travelers will have less spending power while on grand tours of European capitals this summer.

But a weak US dollar isn't all bad news. While travelers may feel the pinch, there's a silver lining for US businesses. Profits made overseas in euros, pounds, and yen are worth more when converted back into dollars, offering a financial boost for companies with international profits.

US stocks dropped on Monday as investors assessed the impact of President Trump’s tariff policy and criticism of the Federal Reserve on US assets.

The S&P 500 (^GSPC) was down roughly 1%, while the tech-heavy Nasdaq (^IXIC) fell about 1.4%. The Dow Jones Industrial Average (^DJI) dropped over 200 points.

Tech stocks led the market lower on Monday, with all of the "Magnificent Seven" stocks in the red.

The US dollar (DX=F) index neared its lowest level since 2022, and the benchmark 10-year Treasury yield (^TNX) rose to near 4.4% as the "sell America" theme took center stage following President Trump's heightened criticism of Fed Chair Jerome Powell for not lowering rates soon enough.

Netflix (NFLX) shares climbed 3% in premarket trading on Monday, boosted by a positive annual revenue forecast that eased investor concerns about its ability to weather an economic slowdown amid tariff-related challenges.

Reuters reports:

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Bitcoin (BTC-USD) soared to its highest point since Donald Trump's "Liberation Day" tariff remarks, as the dollar weakened amid growing concerns over the president's push to remove Federal Reserve Chairman Jerome Powell.

Bloomberg News reports:

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Gold (GC=F) surged to a record high, driven by a dip in the US dollar, President Trump's criticism of the Federal Reserve, and ongoing trade war fears, fueling demand for safe-haven assets.

Bloomberg News reports:

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