Wall Street today: Nasdaq, Dow Jones, S&P 500 dip on fears of Fed Chair removal, escalating US-China trade war
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.
