Fed Chair Powell sinks stocks on tariff comments
‘The Claman Countdown’ panelists Alan Knuckman and Gregory Sarian unpack market volatility amid tariff talks.
Investors stepped up their selling of U.S. stocks after Federal Reserve Chairman Jerome Powell said policymakers will stand down on any rate moves, mainly because President Donald Trump’s tariffs are, in his view, larger than expected.
He messaged that while channeling the fictional character Ferris Bueller from the 1986 film “Ferris Bueller’s Day Off.”
“As that great Chicagoan Ferris Bueller once noted, ‘Life moves pretty fast.’ For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance,” he said in prepared remarks at the Economic Club of Chicago.
FED’S POWELL SAYS CENTRAL BANK COULD FACE ‘CHALLENGING SCENARIO’ DUE TO TARIFFS
All three of the major averages, which were already lower in midday trading, slipped deeper into the red at the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 16307.15988 | -516.01 | -3.07% |
| AMGN | AMGEN INC. | 282.64 | -12.66 | -4.29% |
| SBUX | STARBUCKS CORP. | 80.76 | -2.95 | -3.52% |
| TSLA | TESLA INC. | 241.55 | -12.56 | -4.94% |
| DLTR | DOLLAR TREE INC. | 73.21 | +1.41 | +1.96% |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | 72.82 | +0.82 | +1.14% |
The Nasdaq Composite bore the brunt of losses, falling over 3%, with Tesla, Starbucks and Amazon among the biggest losers, while Dollar Tree and Seagate posted gains.
Technology stocks led the S&P 500’s drop of more than 2%, while consumer discretionary and communication stocks also fell.
TRUMP BLASTS CHINA FOR TRYING TO CHEAT ON TARIFFS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5275.7 | -120.93 | -2.24% |
| XLK | TECHNOLOGY SELECT SECTOR SPDR ETF | 193.92 | -6.99 | -3.48% |
| XLC | THE COMMUNICATION SERVICES SELECT SECTOR SPDR FUND | 89.62 | -2.48 | -2.70% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 184.23 | -4.67 | -2.47% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 79.71 | +0.63 | +0.80% |
The Dow Jones Industrial Average fell 699.57 points, or 1.7%, led by Amgen and Apple, while Chevron and Travelers bucked the selloff. Energy stocks posted modest gains as oil rose above the $62 per barrel mark.
Dow Jones Industrial Average
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39669.39 | -699.57 | -1.73% |
| AMGN | AMGEN INC. | 282.64 | -12.66 | -4.29% |
| AAPL | APPLE INC. | 194.27 | -7.87 | -3.89% |
| CVX | CHEVRON CORP. | 135.37 | +0.84 | +0.62% |
| TRV | THE TRAVELERS COS. INC. | 252.47 | +2.73 | +1.09% |
In the bond market, the 10-year Treasury yield drifted down to 4.2%.
Trump continues to message his tariff strategy, including a recent 90-day pause on some countries and items, while exempting some technology products, including smartphones.
President Donald Trump takes a question from a member of the media during a meeting…