US Stock Market Move | Trump clings to Powell for not stimulating the selling trade. The Nasdaq fell by 2% and tech stocks collectively declined.

On Monday, US stocks continued to decline, with the Nasdaq falling by 2%. Star tech stocks collectively declined, with Tesla, Inc. (TSLA.US) falling by over 6%, NVIDIA Corporation (NVDA.US) falling by over 4%, Broadcom Inc. (AVGO.US), Amazon.com, Inc. (AMZN.US), and Meta (META.US) all falling by over 3%. In terms of news, the selling of US-related assets was prevalent in trading on Monday, as the market was concerned about President Donald Trump taking action to fulfill his threat to fire Federal Reserve Chairman Jerome Powell. The US dollar, US stocks, and US treasuries all fell, pushing the 30-year yield up by 10 basis points in the subdued post-holiday market. Investors are deeply uneasy about the risk of Powell being fired and are beginning to assess the potential impact on the US economy. The White House openly stated last week that Trump is studying this possibility. "The President and his team will continue to study it," said Kevin Hassett, Chairman of the White House National Economic Council, when asked by reporters if firing Powell was an option.