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9 News
22-04-2025
- Business
- 9 News
Wall Street and US dollar tumble
Your web browser is no longer supported. To improve your experience update it here Wall Street weakened overnight as investors worldwide get more skeptical about US investments because of President Donald Trump 's trade war and his criticism of the US Federal Reserve, which are shaking the traditional order. The S&P 500 sank 2.4 per cent in another wipeout on Monday. That yanked the index that's at the centre of many accounts 16 per cent below its record set two months ago. The Dow Jones Industrial Average dropped 971 points, or 2.5 per cent, while losses for Tesla and Nvidia helped drag the Nasdaq composite down 2.6 per cent. Charts on the screen of a Wall Street trader are seen through his glasses as he works on the floor of the New York Stock Exchange, on Monday, April 21, 2025. (AP Photo/Richard Drew) (AP) Perhaps more worryingly, US government bonds and the value of the American dollar also sank as prices retreated across US markets. It's an unusual move because Treasury bonds and the dollar have historically strengthened during episodes of nervousness. This time around, though, it's policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world's safest investments. Trump continued his tough talk on global trade as economists and investors continue to say his stiff proposed tariffs could cause a recession if they're not rolled back. US talks last week with Japan failed to reach a quick deal that could lower tariffs and protect the economy, and they're seen as a "test case," according to Thierry Wizman, a strategist at Macquarie. "The golden rule of negotiating and success: He who has the gold makes the rules," Trump said in all capitalised letters on his Truth Social Network. He also said that "the businessmen who criticise tariffs are bad at business, but really bad at politics," likewise in all caps. US Federal Reserve chair Jerome Powell is being pushed by US President Donald Trump to slash interest rates. (AP) Also hanging over the market are worries about Trump's anger at Federal Reserve chair Jerome Powell. Trump last week criticised Powell again for not cutting interest rates sooner to give the economy more juice. The central bank has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after slowing nearly all the way down to its two per cent goal from more than nine per cent three years ago. Trump talked on Monday about a slowdown for the US economy that could be coming unless "Mr. Too Late, a major loser, lowers interest rates, NOW." A move by Trump to fire Powell would likely send a bolt of fear through financial markets. While Wall Street loves lower rates, largely because they boost stock prices, the bigger worry would be that a less independent Fed would be less effective at keeping inflation under control. Such a move could further weaken, if not kill, the US' reputation as the world's safest place to keep cash. All the uncertainty striking pillars at the centre of financial markets means some investors say they're having to rethink the fundamentals of how to invest. Gold is now the premier safe-haven refuge for nervous investors. (Getty) "We can no longer extrapolate from past trends or rely on long-term assumptions to anchor portfolios," strategists at BlackRock Investment Institute said in a report. "The distinction between tactical and strategic asset allocation is blurred. Instead, we need to constantly reassess the long-term trajectory and be dynamic with asset allocation as we learn more about the future state of the global system." On Wall Street, technology stocks helped lead indexes lower ahead of their latest earnings reports due later this week. All told, the S&P 500 fell 124.50 points to 5158.20. The Dow Jones Industrial Average dropped 971.82 to 38,170.41, and the Nasdaq composite tumbled 415.55 to 15,870.90. Gold also climbed to burnish its reputation as a safe-haven investment, unlike some others. In the bond market, shorter-term US Treasury yields fell as investors expect the Fed to cut its main overnight interest rate later this year to support the economy. The US dollar's value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies. Trade War Donald Trump tariffs business Shares Economy USA World CONTACT US
New Indian Express
21-04-2025
- Business
- New Indian Express
Wall Street and the Dollar tumble as investors retreat further from the US
NEW YORK: US stocks are tumbling Monday as worries about President Donald Trump's trade war and his criticism of the Federal Reserve cause investors to pull further from the United States. The S&P 500 was 3.1% lower in another wipeout, and the index at the center of many 401(k) accounts is more than 16% below its record set two months ago. The Dow Jones Industrial Average was down 1,138 points, or 2.9%, as of 1:21 p.m. Eastern time. Tesla and other Big Tech stocks had some of the sharpest losses, which dragged the Nasdaq composite down a market-leading 3.4%. Perhaps more worryingly, the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It's an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it's policies directly from Washington that are causing the fear and potentially weakening the dollar's reputation as a pillar of the global economy. Trump continued his tough talk on global trade over the weekend, even as economists and investors continue to say his stiff proposed tariffs could cause a recession if they're not rolled back. US talks last week with Japan have so far failed to reach a deal that could lower tariffs and protect the economy, and they're seen as a "test case," according to Thierry Wizman, a strategist at Macquarie. "The golden rule of negotiating and success: He who has the gold makes the rules," Trump said in all capitalized letters on his Truth Social Network. He also said that "the businessmen who criticize tariffs are bad at business, but really bad at politics," likewise in all caps. Trump has recently focused more on China, the world's second-largest economy, which upped its own rhetoric against the world's largest economy. China on Monday warned other countries against making trade deals with the United States "at the expense of China's interest" as Japan, South Korea and others try to negotiate agreements. "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. Also hanging over the market are worries about Trump's anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to help give the economy more juice. The Fed has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after it has slowed nearly all the way down to its 2% goal from more than 9% three years ago. Trump talked again on Monday about a slowing for the US economy that could be coming unless "Mr. Too Late, a major loser, lowers interest rates." A move to fire Powell would likely send a huge bolt of fear through financial markets. While investors always love lower interest rates, because they boost prices for stocks and other investments, the larger worry would be that a less independent Fed would be less effective at keeping inflation under control in the long run. Such a move could further weaken, if not kill, the United States' reputation as the world's safest place to keep cash. On Wall Street, several Big Tech stocks helped lead indexes lower ahead of their latest earnings reports due later this week. Tesla sank 7.4%, for example. The electric vehicle's stock came into Monday roughly 50% below its record set in December on criticism that its stock price had gone too high and that its brand has become too entwined with Elon Musk, who's leading the U.S. government's efforts to cut spending. Nvidia fell 6.1% and was on track for a third straight drop after disclosing that new US export limits on chips to China could hurt its first-quarter results by $5.5 billion. It was the single heaviest weight on the S&P 500. A 3.4% drop for Apple, 2.5% fall for Microsoft and 4% slide for Amazon were close behind. It was another wipeout on Wall Street, and 98% of the stocks within the S&P 500 were falling. Among the few gainers was Discover Financial Services, which climbed after the U.S. government approved its proposed merger with Capital One Financial. Discover rose 2.7%, while Capital One edged higher by 0.7%. Gold was also rising, burnishing its reputation as a safe-haven investment, unlike some others. In the bond market, shorter-term Treasury yields fell as investors keep alive hopes that the Fed may cut its main overnight interest rate later this year in order to support the economy. Longer-term yields swiveled up and down, though, as doubts continue to rise about the United States' standing in the global economy because of Trump's moves. The yield on the 10-year Treasury reached 4.40%. That's up from 4.34% at the end of last week and from just about 4% earlier this month. That's a substantial move for the bond market. The US dollar's value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies. In stock markets abroad, Tokyo's Nikkei 225 fell 1.3%. Indexes fared better in Seoul, where stocks rose 0.2%, and in Shanghai, which saw a 0.4% gain. (STAN CHOE, AP Business Writer, with contribution from Elaine Kurtenbach)
San Francisco Chronicle
21-04-2025
- Business
- San Francisco Chronicle
Wall Street and the dollar tumble as investors retreat further from the United States
NEW YORK (AP) — U.S. stocks are tumbling Monday as worries about President Donald Trump's trade war and his criticism of the Federal Reserve cause investors to pull further from the United States. The S&P 500 was 3.1% lower in another wipeout, and the index at the center of many 401(k) accounts is more than 16% below its record set two months ago. The Dow Jones Industrial Average was down 1,138 points, or 2.9%, as of 1:21 p.m. Eastern time. Tesla and other Big Tech stocks had some of the sharpest losses, which dragged the Nasdaq composite down a market-leading 3.4%. Perhaps more worryingly, the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It's an unusual move because the dollar has historically strengthened during past episodes of nervousness. But this time around, it's policies directly from Washington that are causing the fear and potentially weakening the dollar's reputation as a pillar of the global economy. Trump continued his tough talk on global trade over the weekend, even as economists and investors continue to say his stiff proposed tariffs could cause a recession if they're not rolled back. U.S. talks last week with Japan have so far failed to reach a deal that could lower tariffs and protect the economy, and they're seen as a 'test case,' according to Thierry Wizman, a strategist at Macquarie. 'The golden rule of negotiating and success: He who has the gold makes the rules,' Trump said in all capitalized letters on his Truth Social Network. He also said that 'the businessmen who criticize tariffs are bad at business, but really bad at politics,' likewise in all caps. Trump has recently focused more on China, the world's second-largest economy, which upped its own rhetoric against the world's largest economy. China on Monday warned other countries against making trade deals with the United States 'at the expense of China's interest' as Japan, South Korea and others try to negotiate agreements. '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. Also hanging over the market are worries about Trump's anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to help give the economy more juice. The Fed has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after it has slowed nearly all the way down to its 2% goal from more than 9% three years ago. Trump talked again on Monday about a slowing for the U.S. economy that could be coming unless 'Mr. Too Late, a major loser, lowers interest rates.' A move to fire Powell would likely send a huge bolt of fear through financial markets. While investors always love lower interest rates, because they boost prices for stocks and other investments, the larger worry would be that a less independent Fed would be less effective at keeping inflation under control in the long run. Such a move could further weaken, if not kill, the United States' reputation as the world's safest place to keep cash. On Wall Street, several Big Tech stocks helped lead indexes lower ahead of their latest earnings reports due later this week. Tesla sank 7.4%, for example. The electric vehicle's stock came into Monday roughly 50% below its record set in December on criticism that its stock price had gone too high and that its brand has become too entwined with Elon Musk, who's leading the U.S. government's efforts to cut spending. Nvidia fell 6.1% and was on track for a third straight drop after disclosing that new U.S. export limits on chips to China could hurt its first-quarter results by $5.5 billion. It was the single heaviest weight on the S&P 500. A 3.4% drop for Apple, 2.5% fall for Microsoft and 4% slide for Amazon were close behind. It was another wipeout on Wall Street, and 98% of the stocks within the S&P 500 were falling. Among the few gainers was Discover Financial Services, which climbed after the U.S. government approved its proposed merger with Capital One Financial. Gold was also rising, burnishing its reputation as a safe-haven investment, unlike some others. In the bond market, shorter-term Treasury yields fell as investors keep alive hopes that the Fed may cut its main overnight interest rate later this year in order to support the economy. Longer-term yields swiveled up and down, though, as doubts continue to rise about the United States' standing in the global economy because of Trump's moves. The yield on the 10-year Treasury reached 4.40%. That's up from 4.34% at the end of last week and from just about 4% earlier this month. That's a substantial move for the bond market. ___ AP Business Writer Elaine Kurtenbach contributed.
Los Angeles Times
21-04-2025
- Business
- Los Angeles Times
US stocks sink with the US dollar's value as investors retreat further from the United States
NEW YORK — U.S. stocks are sinking Monday as investors pull away from the United States because of the uncertainty caused by President Trump's trade war and his criticism of the Federal Reserve. The Standard and Poor's 500 was 1.2% lower in early trading and back to 15% below its record set two months ago. The Dow Jones Industrial Average was down 430 points, or 1.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.5% lower. Perhaps more worryingly, U.S. Treasury bonds and the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It's an unusual move because Treasurys and the dollar have historically strengthened during past episodes of nervousness. But this time around, it's policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world's safest investments. Trump continued his tough talk on trade over the weekend, even as economists and investors continue to say his stiff proposed tariffs could cause a recession unless they're rolled back. 'The golden rule of negotiating and success: He who has the gold makes the rules,' Trump said in all capitalized letters on his Truth Social Network. He also said that 'the businessmen who criticize tariffs are bad at business, but really bad at politics,' also in all caps. Trump has recently focused more on China, the world's second-largest economy, which upped its own rhetoric against the world's largest economy. China on Monday warned other countries against making trade deals with the United States 'at the expense of China's interest' as Japan, South Korea and other countries try to negotiate agreements that would lower U.S. tariffs on their own products. '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. Also hanging over the market are worries about Trump's anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to help give the economy more juice. The Fed has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after it has slowed nearly all the way down to its 2% goal from more than 9% three years ago. A move to fire Powell would likely send another bolt of fear through financial markets. While investors would love to see lower interest rates, because they would give at least a short-term boost to prices for stocks and other investments, the larger worry is that a less independent Fed would be less effective at keeping inflation under control in the long run. It would further weaken, if not kill, the United States' reputation as the world's safest place to keep cash. On Wall Street, several Big Tech stocks helped lead indexes lower ahead of their latest earnings reports coming later this week. Tesla sank 4.4%, for example. The electric vehicle's stock came into Monday roughly 50% below its record set in December on criticism that its stock price had gone too high and that its brand has become too entwined with Elon Musk, who's leading the U.S. government's efforts to cut spending. On the winning side of Wall Street were Discover Financial Services and Capital One Financial, which jumped after the U.S. government approved their proposed merger. Discover rallied 4.6%, and Capital One rose 2.6%. In the bond market, shorter-term Treasury yields fell as investors keep alive hopes that the Fed may cut its main overnight interest rate later this year in order to support the economy. But longer-term yields rose as doubts continue to rise about the United States' standing in the global economy. The yield on the 10-year Treasury rose to 4.38% from 4.34% at the end of last week and from just about 4% earlier this month. That's a substantial move for the bond market. The U.S. dollar's value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other currencies. In stock markets abroad, Tokyo's Nikkei 225 fell 1.3%. Indexes fared better in Seoul, where stocks rose 0.2%, and in Shanghai, which saw a 0.4% gain. Choe writes for the Associated Press.
Economic Times
21-04-2025
- Business
- Economic Times
US stocks sink with the US dollar's value as investors retreat further from the United States
U.S. stocks are sinking Monday as investors pull away from the United States because of the uncertainty caused by President Donald Trump's trade war and his criticism of the Federal Reserve. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. stocks are sinking Monday as investors pull away from the United States because of the uncertainty caused by President Donald Trump's trade war and his criticism of the Federal S&P 500 was 1.2% lower in early trading and back to 15% below its record set two months ago. The Dow Jones Industrial Average was down 430 points, or 1.1%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.5% more worryingly, U.S. Treasury bonds and the value of the U.S. dollar also sank as a retreat continues from U.S. markets. It's an unusual move because Treasurys and the dollar have historically strengthened during past episodes of nervousness. But this time around, it's policies directly from Washington that are causing the fear and potentially weakening their reputations as some of the world's safest continued his tough talk on trade over the weekend, even as economists and investors continue to say his stiff proposed tariffs could cause a recession unless they're rolled back."The golden rule of negotiating and success: He who has the gold makes the rules," Trump said in all capitalized letters on his Truth Social Network. He also said that "the businessmen who criticize tariffs are bad at business, but really bad at politics," also in all has recently focused more on China, the world's second-largest economy, which upped its own rhetoric against the world's largest economy. China on Monday warned other countries against making trade deals with the United States "at the expense of China's interest" as Japan, South Korea and other countries try to negotiate agreements that would lower U.S. tariffs on their own products."If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner," China's Commerce Ministry said in a hanging over the market are worries about Trump's anger at Federal Reserve Chair Jerome Powell. Trump last week criticized Powell again for not cutting interest rates sooner to help give the economy more Fed has been resistant to lowering rates too quickly because it does not want to allow inflation to reaccelerate after it has slowed nearly all the way down to its 2% goal from more than 9% three years ago.A move to fire Powell would likely send another bolt of fear through financial markets. While investors would love to see lower interest rates, because they would give at least a short-term boost to prices for stocks and other investments, the larger worry is that a less independent Fed would be less effective at keeping inflation under control in the long run. It would further weaken, if not kill, the United States' reputation as the world's safest place to keep Wall Street, several Big Tech stocks helped lead indexes lower ahead of their latest earnings reports coming later this sank 4.4%, for example. The electric vehicle's stock came into Monday roughly 50% below its record set in December on criticism that its stock price had gone too high and that its brand has become too entwined with Elon Musk, who's leading the U.S. government's efforts to cut the winning side of Wall Street were Discover Financial Services and Capital One Financial, which jumped after the U.S. government approved their proposed rallied 4.6%, and Capital One rose 2.6%.In the bond market, shorter-term Treasury yields fell as investors keep alive hopes that the Fed may cut its main overnight interest rate later this year in order to support the economy. But longer-term yields rose as doubts continue to rise about the United States' standing in the global yield on the 10-year Treasury rose to 4.38% from 4.34% at the end of last week and from just about 4% earlier this month. That's a substantial move for the bond U.S. dollar's value, meanwhile, fell against the euro, Japanese yen, the Swiss franc and other stock markets abroad, Tokyo's Nikkei 225 fell 1.3%. Indexes fared better in Seoul, where stocks rose 0.2%, and in Shanghai, which saw a 0.4% gain.
