The S&P 500 Index ($SPX) (SPY) Monday closed down -2.36%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -2.48%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -2.46%. June E-mini S&P futures (ESM25) are down -2.42%, and June E-mini Nasdaq futures (NQM25) are down -2.47%.
Stock indexes plummeted on Monday, with the S&P 500, the Dow Jones Industrials, and the Nasdaq 100 falling to 1-1/2 week lows. Stocks and the dollar sold off Monday as the Federal Reserve's independence is challenged, with President Trump contemplating possibly firing Fed Chair Powell. Selling in stocks intensified Monday based on remarks made last Friday by National Economic Council Director Hassett, who said President Trump has been asking about possibly removing Fed Chair Powell over his interest rate decisions. The dollar sank to a 3-year low Monday, and gold rallied to a new record high as the prospect of firing Powell further reduces confidence in the dollar and may spark foreign investors to liquidate their dollar holdings, including stocks and Treasuries.
