Good morning. Markets extended last week’s losses Monday as investor anxiety deepened over political pressure on the Federal Reserve and continued trade uncertainty. Stocks finished sharply lower after President Trump renewed his attacks on Fed Chair Jerome Powell, fueling concerns over central bank independence. Meanwhile, safe-haven demand pushed gold to new record highs, while the dollar sank to a three-year low.

Investors are also bracing for a massive earnings week, with more than 100 S&P 500 companies set to report. Tesla, Alphabet, and Microsoft headline the tech slate, and investors will be focused on forward guidance amid an unpredictable policy backdrop. Trade talks with India showed some signs of life, but little progress has been made elsewhere, leaving sentiment fragile heading into a data-heavy week.

Worst April Since 1932 for Dow
The Wall Street Journal notes that the Dow is on track for its worst April performance since the Great Depression, as investor confidence erodes amid mounting trade and policy uncertainty.
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Dealmakers Struggle With Antitrust Uncertainty
Corporate dealmakers are in limbo as the Trump administration sends mixed signals on antitrust enforcement, leaving the M&A market cautious.
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Trump Renews Attacks on Powell
MarketWatch outlines the political storm surrounding the Fed as Trump continues calling for Powell’s removal, blaming him for slow economic momentum and urging immediate rate cuts.
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Tech Earnings on Deck Amid Tariff Backdrop
CNBC previews a critical week of tech earnings, with Apple, Tesla, and Microsoft among those reporting. Tariffs, supply chains, and demand outlooks will be front and center.
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U.S. Dollar Under Pressure as Safe-Haven Status Wavers
Bloomberg explores how the dollar's role as the world's reserve currency could be undermined by ongoing trade wars and political discord.
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U.S. and India Report Progress on Trade
Diplomatic talks between the U.S. and India made headway during a recent visit by Secretary of State Vance, with both sides signaling movement on tariffs and investment.
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U.S. stocks fell broadly on Monday, weighed down by renewed political criticism of the Federal Reserve and a lack of progress on global trade deals. The S&P 500 declined by 2.4%, the Dow fell 2.5%, and the Nasdaq shed 2.6%. The selloff was exacerbated by President Trump’s public criticism of Fed Chair Powell, raising questions about the Fed’s independence and future policy moves. The White House economic team is reportedly reviewing whether Powell could be removed before the end of his term in 2026.

On the economic front, the Conference Board’s Leading Economic Index (LEI) declined by 0.7% in March, a sharper drop than forecast. The reading reflects softening sentiment and weakening equity prices but does not currently signal recession risk. Bond yields rose slightly, with the 10-year Treasury yield closing near 4.41%. Meanwhile, the dollar continued its sharp decline, helping drive gold to an all-time high above $3,425/oz.

With Fed independence under scrutiny and earnings season ramping up, this week could prove pivotal for investor sentiment. While gold and Treasury’s are signaling caution, stronger-than-expected earnings or signs of trade breakthroughs could offer a potential counterweight. Stay nimble and diversified as markets digest the political and economic crosswinds.