The S&P 500 Index ($SPX) (SPY) today is down -2.36%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -2.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -2.52%. June E-mini S&P futures (ESM25) are down -2.37%, and June E-mini Nasdaq futures (NQM25) are down -2.51%.
Stock indexes today are plummeting, with the S&P 500 falling to a 1-week low and the Dow Jones Industrials and Nasdaq 100 sliding to 1-1/2 week lows. Stocks and the dollar are retreating today as the Federal Reserve’s independence is challenged, with President Trump contemplating the possible firing of Fed Chair Powell. Selling in stocks intensified today 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 today, 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.
