U.S. President Donald Trump speaks to the media during the annual White House Easter Egg Roll, on the South Lawn of the White House in Washington, D.C., U.S., April 21, 2025.
Leah Millis | Reuters
Yesterday’s edition of this newsletter cautioned that U.S. President Donald Trump’s desire to intervene in the Federal Reserve, as he expressed to reporters on Friday, could result in upheaval in the markets. That didn’t happen because markets were closed for the Good Friday holiday.
On Monday, trading resumed. So have Trump’s attacks on the central bank — and, more pointedly, on Fed Chair Powell, describing him as “Mr. Too Late” and “a major loser” for not cutting interest rates. Trump appointed Powell to the Federal Reserve’s highest seat in his first presidential term during 2017.
With no market closure to shield shares from Trump’s threats, investors unloaded their stocks. All major U.S. indexes fell, weighed down by steep declines in the “Magnificent Seven” group of shares. The U.S. dollar weakened to a three-year low while gold prices hit a new high, suggesting, in combination, that global investors are losing confidence in the U.S. economy and reallocating their capital to safer assets shielded from Trump.
What you need to know today
Trump escalates attacks on Powell
U.S. President Donald Trump on Monday renewed and escalated his attacks on Federal Reserve Chair Jerome Powell. ″’Preemptive Cuts’ in Interest Rates are being called for by many,” Trump said on Truth Social. “There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote, referring to Powell. On Friday, Trump also called for Powell to cut rates.
Stocks and U.S. dollar fall as gold hits high
Stocks in the U.S. fell Monday on Trump’s comments. The S&P 500 lost 2.36%, the Dow Jones Industrial Average tumbled 2.48% and the Nasdaq Composite was down 2.55%. The ICE U.S. Dollar Index, which measures the greenback against a basket of foreign currencies, fell as low as 97.92 on Monday, the lowest level since March 2022, according to FactSet. Gold prices jumped to $3,452.30 per ounce, a fresh record.
Shares of Tesla drop before earnings
Tesla shares fell almost 6% on Monday, a day ahead of its first-quarter earnings report. The stock is now down 44% for the year after wrapping up their worst quarter since 2022 in March. In the online forum that Tesla solicits investor inquiries before its earnings calls, one investor, referring to CEO Elon Musk, asked, “What steps has the board of directors taken to mitigate the brand damage caused by Elon’s political activities?”
Amazon pausing data center discussions: Wells Fargo
Amazon has delayed some commitments around new data center leases, Wells Fargo analysts said Monday, “Over the weekend, we heard from several industry sources that AWS has paused a portion of its leasing discussions on the colocation side (particularly international ones),” Wells Fargo analysts wrote in a note. However, holding off from deals does not mean the tech giant is cancelling agreements.
[PRO] Markets could have ‘severe’ reaction to Trump
Stocks and bonds would likely have a “severe reaction” and sell off sharply if Trump makes a move to get rid of Federal Reserve Chair Jerome Powell, Evercore ISI’s vice chairman, Krishna Guha, told ‘s “Squawk Box” Monday. While Powell has said he doesn’t believe the president can legally remove the Fed Chair, Guha highlighted one way that Trump can pressure Powell without firing him.
And finally…
Pope Francis greets people as he attends the weekly general audience in St. Peter’s square at the Vatican, March 8, 2023.
Guglielmo Mangiapane | Reuters
‘A man of the people’: World leaders react to the death of Pope Francis
Tributes and condolences poured in from around the world following news of the death of Pope Francis, who died on Monday at the age of 88.
He made waves during his papacy as a reformer who often rattled the church’s most conservative quarters, but found popularity among progressives who embraced his championing of social justice and support for marginalized groups.
Francis’ last official meeting was with U.S. Vice President JD Vance on Easter Sunday, just one day before his passing.
In a post on X, Vance wrote: “I just learned of the passing of Pope Francis. My heart goes out to the millions of Christians all over the world who loved him. I was happy to see him yesterday, though he was obviously very ill.”
