Stocks volatile after Powell’s tariff warning, Trump fires back: Live Updates
Investors are winding down another volatile session, with U.S. stocks on pace to wrap a losing week. Federal Reserve Chairman Jerome Powell fired a warning over tariffs, on Thursday President Trump clapped back calling for Powell to cut rates. Financial markets are closed tomorrow for the Good Friday holiday.
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $39,298.22 | -,371.17 | -0.94 |
| SP500 | $5,304.04 | 28.34 | 0.54 |
| I:COMP | $16,315.34 | 8.18 | 0.05 |
U.S. stocks finished the final session of the week mixed following Wednesday's sharp selloff.
The S&P 500 posted a marginal gain, while the Nasdaq Composite lost as much.
The Dow Jones Industrial Average was the worst performer, falling over 527 points, dragged down by UnitedHealth, which cuts its profit forecast citing higher medical costs. The health-insurer is still dealing with the blowback following the murder of executive Brian Thompson, who ran the insurance arm, by alleged killer Luigi Mangione who was indicted on federal charges Friday. He is facing the death penalty.
Shares of the nation's health insurer fell over 20%, its worst day in two decades, according to Barron's.
(Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images)
President Trump followed up his morning bashing of Federal Reserve Chairman Jerome Powell with a second swipe Thursday afternoon.
"I don't think he's doing the job. He's too late, always too late. A little slow and I'm not happy with him. I let him know it, and,. If I want him out, he'll be out of there real fast. Believe me" said Trump during an appearance with Italian Prime Minister Meloni.
Trump's follow came after his Truth Social post clapped back at Powell after he said Trump's tariffs were more than expected and will likely cause inflation, during remarks Wednesday, which sparked a stock market selloff.
"The ECB is expected to cut interest rates for the 7th time, and yet, “Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete “mess!” Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!" he said.
The White House continues to message about ongoing trade talks with the latest updates coming on Mexico and Japan, according to post on President Trump's Truth Social.
"Had a very productive call with the President of Mexico yesterday. Likewise, I met with the highest level Japanese Trade Representatives. It was a very productive meeting. Every Nation, including China, wants to meet! Today, Italy!"
FOX Business Network's Edward Lawrence sat down exclusively with President of the New York Federal Reserve John Williams and asked him if the Fed is behind the curve in cutting interest rates...Full Interview Below.
President Trump and Federal Reserve Chairman Jerome Powell's rocky relationship just got more rocky.
Powell, on Wednesday, said Trump's tariffs will likely cause inflation. Stocks sold off on his comments.
On Thursday, Trump fired back at Powell, in a post on Truth Social:
"The ECB is expected to cut interest rates for the 7th time, and yet, “Too Late” Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete “mess!” Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS. Too Late should have lowered Interest Rates, like the ECB, long ago, but he should certainly lower them now. Powell’s termination cannot come fast enough!
The ECB did cut interest rates by 25 basis points and warned about a slowing global economy.
U.S. stocks tumbled across the board on Wednesday after Federal Reserve Chairman Jerome Powell said President Trump's tariffs may fuel inflation.
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