4:15pm: Tumultuous day
Wall Street had a rough start to the week, with major indexes taking a steep dive on Monday amid a swirl of political tension and investor nerves over trade and Fed policy.
The Dow plunged 972 points, or 2.5%, to close at 38,170. The S&P 500 dropped 125 points, or 2.4%, finishing at 5,158, while the Nasdaq fell 416 points, or 2.6%, to end the day at 15,871. The Russell 2000, which tracks small-cap stocks, declined 40 points, or 2.1%, closing at 1,840.
The selloff came after President Trump ramped up his criticism of Fed Chair Jerome Powell, sparking fresh worries about the central bank’s independence and where interest rates are headed. Add to that ongoing trade uncertainties and stalled international negotiations, and it’s no surprise investors were in retreat mode.
Tech stocks were hit the hardest, especially the “Magnificent Seven.” Tesla tumbled 7%, Nvidia slid 6%, and Amazon, AMD, and Meta each shed about 4%. As the market recoiled, the U.S. dollar took a dive to a three-year low, while gold soared to record highs as investors scrambled for safer ground.
All told, it was another volatile day on Wall Street, with traders still looking for clarity on both trade deals and what the Fed will do next.
3:41pm: Netflix riding wave of enthusiasm
Shares of Netflix Inc (NASDAQ:NFLX, ETR:NFC) were up 1.7% to $989 on Monday afternoon after the streaming giant reported stronger-than-expected first-quarter results and showed continued momentum across key performance metrics.
Analysts at Bank of America and Wedbush reaffirmed their bullish outlooks following the report, each raising their price targets—Bank of America to $1,175 and Wedbush to $1,200—citing confidence in Netflix’s operating model and long-term growth prospects.
Bank of America described Netflix as “predictable in an unpredictable world,” highlighting its 13% year-over-year revenue growth in the quarter and “encouraging” guidance for the second quarter. The firm also pointed to advertising as a promising area for expansion, despite its currently small contribution to overall revenue.
2:50pm: Busy week of earnings ahead
Several major companies are set to report earnings in late April 2025, with mixed expectations.
Tesla, Intel, Alphabet, Alaska Air Group, and Boeing are all anticipated to miss earnings estimates, reflecting lowered forecasts and generally bearish investor sentiment. Tesla, for instance, has seen a sharp 41.2% stock decline since its last earnings release and increased short interest, while Intel’s guidance aligns with breakeven results amid falling revenue.
In contrast, Nokia, O’Reilly Automotive, Verizon, Celestica, and American Airlines are expected to beat estimates, despite some showing declines in revenue or revised estimates.
Bullish sentiment surrounds Celestica and Verizon, which have seen notable options activity and rising stock prices.
Overall, earnings revisions, stock momentum, and options activity suggest heightened volatility across the board, with traders pricing in substantial post-earnings moves.
2:11pm: Oil slides
Oil prices slipped on Monday as worries over US tariffs reignited concerns about global fuel demand. After a brief rebound last week, traders are back in cautious mode, with fears that ongoing trade tensions—especially between the US and China—could put a dent in economic growth and energy use.
Adding to the mix, there are signs the US and Iran are making progress on nuclear talks, which could eventually mean more Iranian crude hitting the market. At the same time, OPEC+ is still planning to raise output in May, but the overall impact might be muted.
“Overproduction adjustments by certain members could soften the net impact on supply,” said Terence Hove, Financial Markets Strategist Consultant to Exness.
Now, all eyes are on key US economic data due this week—like the April flash PMIs—for clues about how the economy’s holding up and what that could mean for oil demand.
1:06pm: Markets need trade deals ASAP - Ives
Wedbush analyst Dan Ives is sounding the alarm on the urgent need for the White House to secure trade agreements—particularly with China—to prevent further economic and market instability.
“This is a key week ahead to get some trade deals on the board,” Ives wrote in a note, adding that “the Street does not care anymore about words and ‘deal progress’ comments... investors care about one thing: deals starting to be inked.”
Ives said recent policy moves—especially new restrictions on Nvidia’s AI chips to China—mark the beginning of a volatile stretch for both markets and tech companies. He described the impact of recent tariffs as “self-inflicted,” warning they’ve already led to frozen capital expenditures, stalled hiring, and widespread uncertainty reminiscent of the early COVID era.
“The economic damage done from this Trump back and forth tariff plan has likely pushed the economy towards a recession path already,” Ives said.
He also emphasized Nvidia’s central role in the escalating U.S.-China tech battle, calling it a “key strategic asset.” Referring to the ban on Nvidia’s H20 chips, Ives said, “The financial impact is small relatively, but the strategic blow is the focus of the market.” He added that the administration “put a ‘Do Not Enter’ sign in front of China for Nvidia and Jensen.”
Despite the turbulence, Ives reiterated his long-term bullish stance on the tech sector, citing strong underlying demand for AI technology. But with earnings season ahead and executives hesitant to provide forward guidance, he warned that companies and consumers alike are “caught in the dark storm.”
“The Street is now baking in a ~10% cut to 2025 numbers across the board,” he said, as the June quarter is being viewed as “a mulligan in this game of high stakes poker for the White House.”
12:25pm: Broad-based selloff
Stocks are taking a hit at midday on Monday, April 21, 2025, as trade tensions and political drama spook investors.
At midday, the Dow has tumbled more than 1,000 points—down around 2.8%—amid growing concerns over tariffs and President Trump’s ramped-up criticism of Fed Chair Jerome Powell.
The S&P 500 is matching that 2.8% drop, with over 95% of its stocks in the red. Tech stocks are getting hit the hardest—the Nasdaq is down 3.1%—with heavyweights like Tesla, Nvidia, and Amazon all sliding.
Tesla is leading the sell-off, plunging 7% ahead of its earnings report due tomorrow. Chipmakers aren’t faring much better: Nvidia is down about 5.5%, Broadcom is off 4.5%, and AMD and Micron are both down roughly 4%. Marvell took an even steeper 6% dive.
Amazon and Meta have both dropped around 4%, and even the tech giants—Apple, Microsoft, and Alphabet—are each off about 3%.
There were a couple of bright spots: Netflix shares gained 2% after a strong earnings report last week, which prompted analysts to raise their price targets. And Strategy (formerly MicroStrategy) edged up about 1% as bitcoin climbed to $88,100.
Oil, meanwhile, is sliding. West Texas Intermediate crude is down 2.8% to $62.90 a barrel, adding to the volatility in the energy market.
11:31am: Monday's headlines
Nvidia Corp (NASDAQ:NVDA, ETR:NVD) shares fell more than 5% on Monday amid new regulatory restrictions, increased competition in the artificial intelligence (AI) chip market, and escalating US-China trade tensions.
Ford Motor Company (NYSE:F) has stopped shipping several of its US-manufactured vehicles to China due to steep retaliatory tariffs imposed by the Chinese government, according to a report from the Wall Street Journal (WSJ).
Google is headed to court on Monday in Washington, DC, for a major antitrust trial that could force the company to give up control of its Chrome browser and change how it handles search engine deals.
President Trump criticized Fed Chair Jerome Powell, calling him “Mr. Too Late” and a "major loser" and urged immediate interest rate cuts, warning of an economic slowdown and citing Europe’s multiple rate reductions.
10:39am: Week ahead
Wall Street enters a critical stretch this week as first-quarter earnings season kicks into high gear, with investors watching for updates from Tesla, Alphabet, Boeing and Intel alongside a busy slate of economic data and continued trade policy uncertainty.
The earnings calendar is stacked with marquee names. In addition to the aforementioned companies, this week sees IBM, AT&T, P&G, Merck and Verizon dropping earnings as well.
The earnings should offer insights into how corporate America is navigating a backdrop of sticky inflation, tariff tensions and uneven consumer sentiment.
At the same time, economic releases—including flash PMIs, existing home sales, durable goods, jobless claims and the University of Michigan’s consumer sentiment survey—will help shape expectations for the Federal Reserve’s next move. The Fed’s Beige Book, out Wednesday, may provide further clues on how regional economies are faring amid shifting monetary and fiscal policy.
Read more here.
9:52am: Trump-Powell standoff rattles markets
Markets kicked off the week with a thud on Monday, as Wall Street opened sharply lower and extended last week’s losses. The Dow fell more than 500 points out of the gate, the S&P 500 dropped 1.5%, and the tech-heavy Nasdaq slid nearly 2%—all signs of deepening investor caution.
A perfect storm of factors is weighing on sentiment. US chip export restrictions are hammering the tech sector—NVIDIA among the hardest hit—while weak earnings guidance from several tech names added fuel to the fire. On the macro front, the Federal Reserve’s hawkish tone is dashing hopes for near-term rate cuts, and lingering tariff uncertainty continues to inject volatility into the broader market.
Edward Jones noted that futures had already been pointing to a 1%–2% drop before the open as traders awaited progress on trade negotiations. Global markets were steadier—China’s central bank held rates steady, and Europe was mostly flat—but oil prices dipped on the potential for increased supply from US-Iran talks, and the dollar continued to weaken.
Bond yields edged higher, with the 10-year Treasury yield around 4.4%. While markets are pricing in three to four rate cuts this year, the Fed’s dot plot suggests just two, and only if inflation shows sustained improvement. The Fed has also ended its balance sheet reduction program, which could help stabilize Treasury markets, but concerns over government deficits and sticky inflation remain.
Adding a new layer of tension is a growing rift between President Trump and Fed Chair Jerome Powell over interest rate policy. Trump wants cuts—and soon—to support his economic agenda. Powell is holding firm.
“This isn’t just a disagreement over timing. It’s a power struggle between fiscal force and monetary independence,” said Nigel Green, CEO of deVere Group. “Markets are reacting. And they should be.”
Green warned that investors are now facing two risks: tighter policy lasting longer than markets anticipated, and potential political interference that could undermine confidence in the Fed’s independence. With Powell cautious and Trump pushing for stimulus, the market is caught between two powerful, opposing forces—one of the biggest catalysts for volatility this year.
9:10am: Gold hits another record high
Gold prices surged to a new all-time high on Monday of nearly $3,417, buoyed by a combination of a weakening US dollar, escalating geopolitical tensions, and increased safe-haven demand.
Investor sentiment shifted sharply amid rising global uncertainty and political pressures, including fresh criticism by US President Donald Trump targeting Federal Reserve Chair Jerome Powell.
The move has stoked caution in international markets, prompting a shift away from US assets.
“Safe-haven flows are dominating the market, with gold benefiting from both political noise in the US and policy divergence between central banks,” said Konstantinos Chrysikos, Head of Customer Relationship Management at Kudotrade.
8:00am: Stock futures slide
US stock futures are taking a hit Monday morning, signaling a jittery start to the week as investors respond to deepening trade tensions, political uncertainty, and a flight to safe havens like gold.
As of 8:00 AM ET, futures for the Dow are down 1.2%, S&P 500 off 1.4%, and the Nasdaq leading the drop at 1.6%.
There’s plenty fueling the risk-off mood. For starters, the US-China trade standoff is back in the spotlight. China has reportedly cut off high-level communication and warned other countries against deals that threaten its interests—raising the possibility of more retaliatory action. That uncertainty is leaving markets on edge and pushing investors to dump riskier assets.
“The current stalemate between the two trading partners will keep markets in a state of uncertainty, keeping risk appetite high and preventing bullish bets on stocks despite relatively low prices,” said Samer Hasn, senior market analyst at XS.com.
“The failure to negotiate leaves the door open to further escalatory steps from both sides, raising concerns about the possibility of a broader stock market collapse.”
Adding to the turbulence is renewed speculation that President Trump might fire Federal Reserve Chair Jerome Powell. Though such a move remains unlikely—thanks to pushback from Trump’s own team—it’s still enough to rattle investors who value the Fed’s independence. The idea of political interference in monetary policy has sparked fresh concerns about the central bank’s ability to respond to growing economic risks.
Meanwhile, gold is surging—up 2.6% to a new record high of $3,415.50—as investors rush into safer assets. Crude oil is down 2.4% to $63.10, on fears that escalating tariffs could slow global demand.
All of this is hitting just as Big Tech earnings kick off—a stretch that’s already got investors nervous, with names like Alphabet and Tesla deep in the red year-to-date.
So far, the market isn’t catching a break. All three major indices have logged losses in three of the past four weeks. Since the latest round of tariff talk on April 2, they’re each down over 5%.
Unless the US and China start talking again soon, this slide could continue—and even worsen. The combination of trade stalemates, Fed uncertainty, and growing fear of a broader slowdown could keep risk appetite in check for a while.