Are we at the end of 100 days yet? Are winning?
Bloomberg's daily summary:
Donald Trump sent the US stock market plummeting again, this time with social media snark and derisive
playground nicknames aimed at the Chair of the US Federal Reserve. The president, under increasing pressure for singlehandedly destabilizing global markets with his trade war, has turned his attention to interest rates in a bid to avoid what economists increasingly fear is a recession dead ahead. Trump’s public mulling over
whether he can legally fire Powell have market watchers eyeing a potential broad-based loss of confidence in the US economy if he
were to try it.
The 78-year-old Republican’s taunts came before he met
with executives of major retailers at the White House—those whose businesses are set to bear the brunt of tariffs the White House has temporarily suspended. The Monday meeting was said to have included representatives from Walmart, Home Depot, Lowe’s and Target.
By the time markets closed, the S&P 500 and other major US stock indexes had dropped around 2.5% while a
gauge of the dollar weakened to a 15-month low. The benchmark 10-year Treasury fell with the yield reaching 4.4%. As investors turned away from US securities, haven assets climbed. Gold jumped to another record, above $3,400 an ounce, while the Swiss franc gained around 1% against the dollar.
