Wall Street today: Nasdaq, Dow Jones, S&P 500 dip on fears of Fed Chair removal, escalating US-China trade war | Stock Market News
Source: Live Mint
US stock indices declined on Monday amid escalating US-China trade war and on possibility of Federal Reserve Chair Jerome Powell’s removal by President Donald Trump.
At the opening bell, the Dow Jones Industrial Average fell 236.2 points, or 0.60%, to 38,906.04. The S&P 500 fell 49.8 points, or 0.94%, to 5,232.94, while the Nasdaq Composite dropped 233.7 points, or 1.43%, to 16,052.764.
On Friday, National Economic Council Director Kevin Hassett said that Trump is studying whether he’s able to fire Powell.
The comments have sparked concerns about the US central bank’s independence.
China on Monday warned other countries negotiating trade deals with the United States “at the expense of China’s interest” as Japan, South Korea and other nations try to negotiate agreements with the world’s largest economy.
“If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner,” China’s Commerce Ministry said in a statement.
In the bond market, the yield on the 10-year Treasury rose to 4.38% from 4.34% om Friday.
The US dollar fell against the euro, Japanese yen, the Swiss franc and other currencies.
Gainers and Losers
Netflix shares climed 2.7% after the OTT company posted better than expected results.
Tesla stock tumbled 4.4% on criticism that its price had gone too high and that its brand has become too entwined with Elon Musk, who’s leading the US government’s efforts to cut spending.
