IXIC: Nasdaq Composite Wipes Out 2.5% as Trump Says “Major Loser” Powell Must Go Now

Shots fired: US President accelerated his campaign against the Fed chief as he lashed out online, saying “Mr. Too Late” should lower interest rates “NOW.”

📢 Trump Snaps at Powell

• The Nasdaq Composite IXIC took a sharp tumble Monday, shedding 2.5%, as political chaos took center stage and tech stocks felt the heat. The selloff followed a fiery round of online posts from President Donald Trump, who ramped up his attack on Federal Reserve Chair Jay Powell, calling him a “major loser.”
• “With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump wrote.

👀 Fed Independence in the Crosshairs

• Markets didn’t take kindly to the kerfuffle. With Powell already under pressure to keep inflation down amid trade uncertainty and tariff drama, Trump’s aggressive push to oust him is fueling concerns about the Fed’s independence — and what that might mean for monetary policy stability.
• Investors are now juggling a rising chance of interest rate cuts, yes — but also a much murkier outlook for the US economy. That’s a tough combo for tech stocks, which thrive on clarity and forward guidance.

🔔 Magnificent Seven Down, Gold Soars

• The result? Nasdaq took the brunt of the hit, with high-growth names leading the slide. Traders pulled capital from risk assets, and the dollar continued to slide alongside equities, while safe havens like gold caught a bid.
• All of the Magnificent Seven stocks dived under the flatline with Tesla TSLA being the biggest loser, down 5.8%. Nvidia NVDA followed with a 4.5% decline. Amazon AMZN and Meta META lost more than 3% each. Gold XAUUSD, on the other hand, went ballistic with prices eyeing a record $3,500 per ounce.