The dollar index slipped more than 1 percent to 98.13, while gold surged to new highs, with futures rising 2.4 percent to cross $3,400 per ounce.
Stock futures stumbled on Monday, adding to recent market jitters, as global trade tensions and concerns over central bank independence weighed heavily on investor sentiment.
Futures linked to the Dow Jones Industrial Average dropped 351 points, or 0.9 percent. Contracts on the S&P 500 slipped 1 percent, while Nasdaq-100 futures fell by 1.1 percent.
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The latest moves follow a choppy stretch on Wall Street, with all three major indices suffering their third weekly decline in the last month. Despite a brief rebound on Thursday, the S&P 500 ended the shortened trading week down 1.5 percent. The Dow and Nasdaq each logged a third straight losing session, both sliding more than 2 percent for the week. U.S. markets were closed on Friday for Good Friday.
Lingering worries over U.S. trade policy continue to rattle nerves. Since early April—when President Donald Trump announced a sweeping package of tariffs—stocks have shed roughly 7 percent. Over the weekend, Chicago Fed President Austan Goolsbee warned that the tariffs could sap economic momentum by summer. His comments came days after Fed Chair Jerome Powell voiced concern that these levies could complicate the central bank’s job of curbing inflation while supporting growth.
Meanwhile, investors are grappling with growing uncertainty around the Fed’s autonomy. Trump on Thursday publicly called for rate cuts and even hinted at Powell’s removal, a move that raised eyebrows across financial circles.
The dollar index slipped more than 1 percent to 98.13, while gold surged to new highs, with futures rising 2.4 percent to cross $3,400 per ounce.
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Adding to the market’s unease, Nvidia shares tumbled nearly 6 percent last week after the company said it would take a $5.5 billion charge due to new export controls targeting its H20 chips, primarily destined for China and other foreign markets.
Looking ahead, the spotlight now turns to corporate earnings. More than 100 S&P 500 companies are slated to report results this week, including tech heavyweights Alphabet and Tesla, as well as Boeing, a key barometer for the industrial sector.
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