New York, April 22, 2025 – US stock futures edged slightly up following a bruising day on Wall Street, marked by renewed criticism of Federal Reserve Chair Jerome Powell by President Trump.
Futures attached to the Dow Jones Industrial Average climbed 0.5%. Futures for the benchmark S&P 500, and the tech-heavy Nasdaq Composite both pushed 0.6% higher.
On Monday, stocks tanked as Trump took to social media to say that the US economy would slow unless Powell cuts interest rates now, calling the Fed Chair “Mr. Too Late” and “a major loser.”
Trump’s comments escalated growing tensions between the president and the central bank. Last week, after Powell warned on Trumps tarriffs and reiterated the Fed would take a cautious approach to reducing rates, Trump hit back with “Powell’s termination can’t come soon enough.”
For investors trying to keep up with Trump’s fast moving trade policy, the rift adds another layer of stubborn uncertainty as to where the economy could go next.
On Tuesday, investors’ attention will turn to Tesla earnings, with the EV maker set to report its results after the bell.
Tesla has been contending with signs of slumping sales and waning demand as CEO Elon Musk’s role in the White House rattles its brand. Tesla shares fell nearly 6% on Monday and are down nearly 44% this year.
Asian markets edge down, shaken by US selloff
Asian markets fell slightly on open and wavered around the flatline as Trump continues to rail against Jerome Powell and the Federal Reserve, weakening faith in US assets and leading to a broad sell-off.
Japan’s Nikkei 225 and Topix hovered around the baseline, South Korea’s Kospi shed 0.3%, while the Kosdaq inched lower.
Australia’s ASX 200 slipped 0.6%, weighed down by losses across the board.
Hong Kong’s Hang Seng Index according to came in at 21,285, a dip of 0.5% from the previous close.
According to Bloomberg reports, a regional gauge of equities dropped for the first time in four days with Hong Kong set to reopen after Easter holidays.
Some stability appeared in US assets in early Asian trading as equity-index futures extended a late Monday rally.
A gauge of the dollar rebounded after weakening to a 15-month low while 10-year Treasuries edged higher.
Trump’s assurances that tariff talks were progressing did little to lift optimism as concerns mount he may be preparing to fire Powell for refusing to cut interest rates faster.
The mood on Wall Street has turned from optimism to a ‘Sell America’ mode as Trump upends a global trade order by ratcheting up tariffs to the highest level in a century, a move that economists have said will boost inflation and push the US into a recession. (Bloomberg)
