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Stocks fell again on Monday as President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, raising questions about the central bank’s independence, while traders received little signs of progress on global trade talks.

The Dow Jones Industrial Average traded 1,221 points lower, or 3.1%. The S&P 500 shed 3.3%, and the Nasdaq Composite lost 3.6%.

“Magnificent Seven” tech titans dragged the major indexes lower, with Tesla and Nvidia respectively losing 7% and 6%. Amazon shed 4%, as did Advanced Micro Devices and Meta Platforms. Equipment manufacturer Caterpillar declined 3%.

In a Truth Social post, Trump claimed that the economy would slow unless Powell — who he referred to as “Mr. Too Late, a major loser” — lowered interest rates immediately. This follows another post last week in which Trump also called for the Fed to lower rates, even hinting at Powell’s “termination” — something White House economic advisor Kevin Hassett said the president’s team was studying.

The dollar was also under pressure, hitting a three-year low as the threats ramped up. Gold, meanwhile, soared to record highs above $3,400 per ounce.

“One of the things that is becoming very clear is the underlying tension between the Fed and the administration,” said Michael Green, chief strategist of Simplify Asset Management. “We are effectively in a replay of COVID. The uncertainty has meaningfully disrupted trade … I think most people anticipate that there will be some form of stimulus that ultimately emerges to offset the effects of the tariff.”

Lack of progress on trade

Investor confidence was also hurt by a lack of progress on global trade. If anything, tensions seemed to increase with China with the country warning other nations not to strike any deal with the U.S. that would hurt China.

The S&P 500 is down more than 8% since since April 2, when Trump announced a raft of levies on imports from other countries. The Nasdaq has lost nearly 10% in that time, and the Dow has fallen 9%.

“We’re really thinking about this as a bit of an endless environment in terms of direction … and that’s in particular because we just don’t know where tariffs end up,” said Robert Haworth, senior investment strategist at U.S. Bank, in an interview with CNBC. “This is a market trying to get clarity on direction, and not getting a lot of conclusions.”

Haworth added: “If uncertainty continues for an extended period of time — meaning multiple quarters — I think that becomes more challenging for corporate earnings and decision making, and we’ve seen some of that in the earnings season so far.”

Gold surges to a record above $3,400

Gold prices broke $3,400 on Monday, hitting a new record as President Donald Trump’s threats against the Federal Reserve’s independence and his tariffs shake investor confidence in the U.S. economy.

Gold futures jumped 2.91% to close at $3,425.30 per ounce, with investors buying the precious metal as the dollar hit a three-year low.

The president ramped up pressure on Fed Chair Jerome Powell on Monday, calling him a “major loser” and demanding that the central bank lower interest rates now.

Citi sees gold prices rallying to $3,500 over the next three months as investment demand outstrips supply from mining.

— Spencer Kimball

Meta Platforms stock on pace for seventh straight loss

Stock in Facebook-parent company Meta Platforms‘ more than 3% dip on Monday has shares on pace for their worst losing streak since April 2023.

Shares are also on track for their seventh-consecutive loss, with the stock down more than 17% over the period.

— Brian Evans, Tom Rotunno

Health care stocks extend losses

Health-care stocks lagged once again on Monday.

The iShares U.S. Healthcare Providers ETF (IHF) tumbled around 5% in afternoon trading. If that holds, the fund would record its first five-day losing streak since October.

With Monday’s declines, the ETF has dropped more than 12% over the last five trading days. The fund is now slightly below flat on the year.

Acadia Healthcare led the fund into the red on Monday, sliding more than 13% in the session. Universal Health Services followed with a plunge of more than 11%. UnitedHealth, Teladoc and Humana were also among the ETF’s members trading lower in the session.

— Alex Harring

Uber sued by FTC over subscription service practices, stock extends losses

The Federal Trade Commission has sued Uber for billing and cancellation practices related to its Uber One subscription service.

Shares of Uber extended their losses on the day after the news broke. The stock was last down nearly 5%.

— Jesse Pound

Bitcoin climbs to its highest level of the month as stocks tumble

Bitcoin hit its highest level of the month, reaching $88,557.01 at one point as the stock market sold off yet again. It was last trading about 3% higher at $87,040.70.

“This move is less about enthusiasm and more about exhaustion. Risk markets are rotating,” said Ben Kurland, CEO at crypto research platform DYOR. “What we’re seeing is a slow bleed from overextended positions into safer liquidity. Bitcoin’s bounce isn’t driven by momentum traders, it’s the result of sidelined capital inching back into the market while equities digest macro uncertainty. In other words, risk isn’t off, it’s just being repriced.”

Bitcoin was trading more in line with stocks for much of the month amid tariff-fueled volatility and uncertainty, but has slowly been decoupling. It’s up about 5% in April while the S&P 500 is down more than 8% in that period. Meanwhile, gold is up 9.5% on the month.

If bitcoin can meaningfully clear the $88,000 level it would be a positive near-term development for the crypto asset, putting next resistance near $95,900, according to Fairlead Strategies’ Katie Stockton.

— Tanaya Macheel

NYSE honors Pope Francis

The New York Stock Exchange paid tribute to Pope Francis, who died on Monday morning.

The following pictures capture what a moment of silence for the pontiff looked like on the trading floor:

— Alex Harring, Adam Jeffery

Hertz, Tesla, Nvidia among the stocks making moves midday

Check out the stocks making big moves in midday trading Monday:

Read here for the full list.

— Sean Conlon

2 stocks in the S&P 500 trade at new 52-week lows

During Monday’s trading session, two stocks in the S&P 500 traded at new 52-week lows.

Names that hit this milestone included Revvity, trading at lows not seen since December 2023, and Bio-Techne, trading at lows not seen since April 2020.

On the other hand, Kroger traded at all-time highs back to its IPO in January 1977.

— Christopher Hayes, Lisa Kailai Han

Tom Lee, Fundstrat ring opening bell at NYSE

Fundstrat co-founder Tom Lee and other members of the firm rang the opening bell at the New York Stock Exchange to celebrate the Granny Shots U.S. Large Cap ETF (GRNY).

The actively managed fund launched in November and already has more than $800 million in assets, according to FactSet. The “granny shots” refers to stocks that fit into at least two key themes favored by the Fundstrat portfolio managers. The fund’s top holdings include Progressive, Abbott Laboratories and Netflix.

The Fundstrat ETF has underperformed the S&P 500 year to date but has held up better than the broader market in April.

— Jesse Pound

Lion’s share of S&P 500 stocks slide amid sell-off

More than 95% of S&P 500 stocks traded in the red in midday trading on Monday, underscoring the broad sell-off to start the trading week.

About 485 members were down as of shortly after 11 a.m. ET. Universal Health Services led the way with a slide of more than 8%, followed by Blackstone at nearly 7% down. Tesla fell more than 6%.

Despite the broad decline, a small group was able to buck the downtrend. Fidelity National was the best performer in the index, advancing more than 3% in the session. Netflix and Discover each rose around 2.5%.

As a whole, the S&P 500 slid more than 2% in late morning trading.

— Alex Harring

Tesla shares fall 7% ahead of Tuesday earnings

Shares of Tesla dropped about 7% Monday ahead of its earnings report Tuesday after the bell.

The electric vehicle company’s stock has tumbled more than 40% for the year after closing out its worst quarter since 2022 in March. Musk’s distractions outside of Tesla, including his work slashing the federal government as part of the Trump administration, has kept investors on edge.

Tariffs could also create problems for Tesla as the company relies on suppliers in Mexico and China for parts essential for the production of its cars.

On Monday, Barclays cut its price target on Tesla, citing “confusing” visibility into first-quarter earnings.

— Yun Li

NYSE decliners top advancers 4-to-1 Monday but trading volume is slow

Declining stocks on the New York Stock Exchange outnumber rising issues by more than 4-to-1, according to FactSet data, but total trading activity is so far muted, with mid-morning composite volume about 14% of the past 30-day average.

The breadth picture is only slightly better on the Nasdaq, where decliners outpace advancers by roughly 3-to-2, while morning volume was more active, at more than 27% of the past month’s average.

But new 52-week lows on Nasdaq stood at 147 versus 40 new highs, while on the NYSE new lows outmatched new highs 59 to 25.

— Scott Schnipper

Magnificent Seven ETF falls 3%

The Roundhill Magnificent Seven ETF (MAGS) is down 3.3% Monday, putting the fund on pace for its fourth straight daily loss.

All components of the ETF are negative for the day. Tesla‘s 6.4% decline is leading the losses, followed by Nvidia‘s 4.6% drop.

— Hakyung Kim, Gina Francolla

Hertz shares fall 12%, giving back some of the Ackman pop

Shares of Hertz dropped 12% on Monday, following a 112% rally on the back of Bill Ackman’s big investment.

The Pershing Square chief revealed that his investment firm has taken a 19.8% stake in the company comprised of outright share ownership and total return swaps. Ackman believes Hertz “uniquely well-positioned” in the current tariff environment, where auto tariffs are likely to cause used car prices to rise.

Hertz has been a troubled company for much of the past decade, facing bankruptcy during the Covid-19 pandemic in 2020. Following its emergence from Chapter 11 bankruptcy protection in 2021, the company bet heavy on all-electric vehicles, specifically Teslas, which cost the company billions following a significant decline in their residual values.

Bank of America maintained its underperformed rating on Hertz following the news. It said Ackman’s investment could give Hertz a chance to raise capital.

“In our view, the greatest benefit from Pershing Square’s investment in HTZ could come if it gives the company an opportunity to raise capital through an equity issuance. As discussed in our research, we think HTZ will need to raise $500mm+ in additional capital,” Bank of America said.

— Yun Li

Dollar hits lowest level in three years

The ICE U.S. Dollar Index fell as low as 97.92 on Monday, its lowest level since March 2022.

The latest drop for the greenback comes after Friday’s criticism of Federal Reserve Chair Jerome Powell from President Donald Trump. Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box,” said those comments by Trump could add more fuel to the trend of foreign investors pulling out of the U.S.

“We’re seeing a clear signal from the market that it doesn’t like even the idea that the president might try to remove the Fed chair. There has been some loss of confidence in U.S. economic policy making in recent weeks. We’ve seen that in this very odd combination of upward pressure at times on longer-term bond yields combined with a weaker dollar. That suggests global investors pulling capital out of the U.S.,” Krishna Guha, vice chairman at Evercore ISI, said Monday on “Squawk Box.”

— Jesse Pound

Stocks open lower to kick off new trading week

Stocks opened lower on Monday morning.

The Dow Jones Industrial Average lost 297 points, or 0.8%. The S&P 500 slipped 1.1%, while the Nasdaq Composite fell 1.4%.

— Lisa Kailai Han

Loop Capital sees 50% upside in Norwegian Cruise Line Holdings

The selloff in shares of Norwegian Cruise Line Holdings has become a buying opportunity, according to Loop Capital. The firm upgraded the cruise line to buy from hold on Monday. It also maintained its $25 price target, suggesting 53% upside from Thursday’s close.

Analyst Laura Champine sees a potential positive catalyst coming up in the company’s April 30 earnings report. Her channel checks suggest “solid” onboard spending trends and close-in pricing, which is closer to sailing dates, that is healthy.

In addition, the cruise line has about a 30% discount to equivalent land-based destinations and business will likely hold up in a recession, Champine said in a note Monday.

“We see travelers increasingly migrating towards the value inherent in cruising. We think vacationers value the ease in budgeting with potential for a single transaction to cover transportation, lodging, food, and entertainment,” she wrote. “We are skeptical that consumers will just skip vacations, and cruising seems like a good value option if travel budgets are cut.”

The stock has lost 36% year to date, but is up nearly 2% in premarket trading.

— Michelle Fox

Wolfe Research upgrades Disney as stock is ‘priced like the sky is falling’

Disney’s current stock price could be an attractive entry point for investors, given that shares are unnecessarily “priced like the sky is falling,” according to Wolfe Research.

The firm upgraded the Disney to outperform from peer perform on Monday, alongside a $112 per share price target. Wolfe’s forecast calls for about 32% upside moving forward.

“Squint across today’s valley of recession risk & you’ll see the Disney castle in tact,” analyst Peter Supino wrote in a Monday note. “Durable advantages in parks, cruises, and streaming create path to $7 EPS.”

— Brian Evans

Stocks making the biggest moves premarket

Check out Some of the companies making headlines in premarket trading.

Read the full list here.

— Brian Evans

Volatility will persist and likely intensify as the end of the 90-day reciprocal tariff pause approaches in July, says Canaccord Genuity

Investors should strap in for more volatility ahead, according to Canaccord Genuity.

In a Monday note, analyst Michael Graham expressed his belief that uncertainty will continue to hang over stocks — at least in the near term.

“We have our eyes on several developments ahead, including the emergence of the first real hard economic data to begin reflecting tariffs in a few weeks, and gaining an understanding of how the market and Trump administration might approach the end of the 90-day reciprocal tariff pause in July,” he wrote. “We see this date looming as a potential overhang and expect volatility is likely to persist until then and perhaps intensify as the date approaches.”

However, the analyst was optimistic that this volatility has likely died down from its peak.

“While the tariff landscape is still volatile and confusing, it is less so than it was a couple of weeks ago. President Trump is actively meeting with business leaders across the globe (Italy and Japan this week which seems to open the door for further negotiation),” he added. “With ‘Liberation Day’ tariffs now considered a ceiling, the market is likely to stay nimble on any upcoming news, as exemptions or pain points are likely to drive performance.”

— Lisa Kailai Han

Asia-Pacific markets trade mixed as China keeps benchmark lending rates steady

Asia-Pacific markets traded mixed Monday as China’s central bank held rates at a time when the yuan has come under pressure due to Beijing-Washington trade tensions.

Mainland China’s CSI 300 rose 0.33% in its last hour of trade to end the day at 3,784.88, after the People’s Bank of China kept its key loan prime rates unchanged at 3.10% for 1-year loan maturities and 3.60% for 5-year loan maturities, in line with the expectations of economists polled by Reuters.

India’s benchmark Nifty 50 advanced 1.32% while the broader BSE Sensex added 1.35% as of 1.25 p.m. Indian Standard time.

Japan’s benchmark Nikkei 225 ended the day 1.30% lower at 34,279.92, while the broader Topix index declined 1.18% to 2,528.93.

In South Korea, the Kospi index moved up 0.2% in choppy trade to close at 2,488.42 while the small-cap Kosdaq fell 0.32% to 715.45.

Australian and Hong Kong markets were closed for the Easter holiday.

— Amala Balakrishner

Tesla’s ‘brand damage will grow’ if Musk stays in government, Dan Ives says

If Tesla CEO Elon Musk chooses to remain involved with the Trump administration, the electric vehicle maker’s image could face even more pain, according to Wedbush analyst Dan Ives.

“We view this as a fork in the road time: [I]f Musk leaves the White House there will be permanent brand damage … but Tesla will have its most important asset and strategic thinker back as full time CEO to drive the vision and the long term story will not be altered,” Ives, who maintained his outperform rating on the name, wrote in a Sunday note. “I[f] Musk chooses to stay with the Trump White House it could change the future of Tesla/brand damage will grow.”

“The turnaround vision must start this Tuesday night on the earnings conference call for Musk and Tesla,” the analyst also said.

Tesla shares have taken a hit heading into its quarterly results due after the bell on Tuesday, falling more than 4% in the past week and nearly 7% month to date. This year, shares have plummeted more than 40%.

Earlier this month, Tesla reported that its vehicle deliveries for the first quarter dropped 13% compared to a year ago. That decline came on the heels of the company facing boycotts and protests, and even acts of vandalism, in reaction to Musk’s involvement in politics.

— Sean Conlon

Here’s where stocks stand heading into the new trading week

Last week’s holiday-shortened trading period saw the three leading indexes post meaningful losses:

The Russell 2000, in contrast, gained 1.1% on the week, posting its second positive week in a row. The small-cap benchmark still sits 23.75% below its record high, however.

— Sean Conlon, Christopher Hayes

Stock futures open lower

Stock futures traded lower on Sunday evening following another losing week on Wall Street.

S&P 500 futures were 0.5% lower shortly after 6 p.m. ET, while Nasdaq-100 futures fell 0.5%. Futures tied to the Dow Jones Industrial Average declined 201 points, or about 0.5%.

— Sean Conlon

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