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U.S. stocks fell more than 2% on Monday, April 21, 2025, as investors weighed President Donald Trump’s renewed criticism of Federal Reserve Chair Jerome Powell alongside uncertainty over tariffs and trade policy. The dollar index fell to its lowest level since March 2022, spot gold reached an intraday record, and the 10-year Treasury yield rose. Contemporary reporting identified several overlapping concerns, not one proven cause for every market move.
How U.S. markets closed on April 21
All three major U.S. indexes ended down roughly 2.4% to 2.6%. Reuters reported these closing figures:
| Index | Change at the close | Closing level |
|---|---|---|
| Dow Jones Industrial Average | Down 971.82 points (2.48%) | 38,170.41 |
| S&P 500 | Down 124.50 points (2.36%) | 5,158.20 |
| Nasdaq Composite | Down 415.55 points (2.55%) | 15,870.90 |
These are closing changes; market coverage described steeper losses earlier in the session before a partial recovery. The Associated Press reported that the S&P 500 was 16% below its record from roughly two months earlier. AP’s year-to-date losses as of April 21 were 12.3% for the S&P 500, 10.3% for the Dow, 17.8% for the Nasdaq, and 17.5% for the Russell 2000. Those percentages are dated snapshots, not current performance figures.
Dollar, gold, and Treasury yields
| Market measure | Reported move on April 21, 2025 | What the figure represents |
|---|---|---|
| U.S. dollar index | Fell to 97.923 | Intraday low; lowest since March 2022, according to Reuters |
| Spot gold | Reached $3,424.25 per ounce | Intraday record at the time, not a closing price or futures settlement, according to Reuters |
| U.S. 10-year Treasury note yield | Rose 6.4 basis points to 4.391% | Reuters compared it with 4.327% late Thursday; U.S. markets were closed Friday for a holiday |
The dollar and gold figures are intraday levels, while the Treasury figure is a reported yield comparison. AP noted that simultaneous declines in U.S. stocks, government bonds, and the dollar were unusual in a period of market stress, when investors often buy U.S. government debt. That is context, not a rule that applies to every selloff.
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What prompted investor concern?
Trump again called for rate cuts and criticized Powell on social media. Reuters quoted Trump’s post as saying, “unless Mr. Too Late, a major loser, lowers interest rates NOW”. The criticism raised concerns about the Federal Reserve’s independence, while investors were also contending with tariff policy uncertainty and China-U.S. trade tensions, Reuters reported.
The dispute over Powell’s position had also intensified after White House economic adviser Kevin Hassett said the administration would continue studying whether Powell could be fired. AP reported that Powell said he would not step down before his term ended in May 2026, and that removal could lead to a legal battle. This was a stated consideration and contested legal issue, not a completed firing.
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Tariffs complicated the rate outlook: they could worsen inflation, which might argue for keeping rates high, while also slowing economic activity, which might argue for rate cuts. AP reported Powell calling this a “challenging scenario” and saying, “Our tool only does one of those two things at the same time.”
How market observers interpreted the selloff
Investors were responding to a mix of policy and trade uncertainties, so the available reporting does not establish that criticism of Powell alone caused every move. Christian Salomone, chief investment officer at Ballast Rock Private Wealth, told Reuters: “The market is saying that it doesn’t necessarily need lower interest rates, but that it does need stability and certainty regarding economic and political policies.” That is Salomone’s assessment, not an official explanation from an exchange or the Federal Reserve.
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FAQ
Why did stocks fall on April 21, 2025?
Investors weighed Trump’s renewed criticism of Powell and concerns about Federal Reserve independence alongside tariff and trade-policy uncertainty. Reuters described these as concurrent pressures; the reporting does not establish one exclusive cause for the decline.
Why did the dollar hit a three-year low?
Reuters reported that the dollar index fell to an intraday low of 97.923, its lowest level since March 2022. Coverage connected market concern to uncertainty around Fed independence and tariff policy; 97.923 was not identified as the closing value.
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Why did gold hit a record high?
Reuters reported that spot gold reached $3,424.25 per ounce intraday as investors moved toward safe-haven assets, including gold and the Swiss franc. The figure was an intraday spot-price record at the time, not a closing price or futures settlement.
What did Trump say about Fed Chair Powell?
Reuters quoted Trump’s social media post: “unless Mr. Too Late, a major loser, lowers interest rates NOW”.
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Did Treasury yields fall with stocks on April 21?
No. Reuters reported that the 10-year Treasury yield rose 6.4 basis points to 4.391%, from 4.327% late Thursday. AP characterized simultaneous declines in U.S. stocks, government bonds, and the dollar as unusual, but that was not the Treasury move reported in Reuters’ yield figures.
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