U.S. stocks opened on a mixed note Thursday, April 17, as investors grappled with a volatile blend of trade tensions, corporate earnings, and fresh political commentary aimed at the Federal Reserve.
Dow Plunges on UnitedHealth Earnings Miss
The Dow Jones Industrial Average led the losses, tumbling over 500 points shortly after the open, weighed down by a sharp decline in UnitedHealth shares following a disappointing earnings report. Meanwhile, the S&P 500 and Nasdaq Composite managed modest early gains of +0.3% and +0.4%, respectively, echoing futures market optimism.
Driving that early tech enthusiasm was TSMC’s strong earnings, with the Taiwanese chip giant reporting a 60% surge in Q1 net profits, sending its shares higher and momentarily lifting sentiment in the semiconductor sector.
However, bearish undertones soon returned to risk assets, as investor uncertainty around global tariffs and monetary policy continued to cloud market direction.
Trump Targets Powell, Demands Rate Cuts
Adding fuel to the fire was former U.S. President Donald Trump, who renewed his attacks on Fed Chair Jerome Powell, calling him “always late and wrong” in a fiery post on Truth Social. Trump urged the Fed to slash interest rates, citing recent action from the European Central Bank, which had just cut its key rate by 25 basis points to 2.25%.
“Powell’s termination cannot come fast enough!” Trump wrote, intensifying political pressure on the central bank amid slowing growth signals and global monetary easing.
The remarks came in response to Powell’s comments earlier in the week, where he highlighted the dilemma facing the Fed—balancing inflation risks with the need to maintain growth, especially in the face of ongoing tariff threats and weakening global trade.
Weekly Performance Paints a Gloomier Picture
Despite some green shoots, major indexes remain down on the week:
- Dow Jones and S&P 500 are tracking losses of over 1%
- The Nasdaq Composite has dropped 2.5% in the last five trading days, led by weakness in chip stocks like Nvidia
As the week winds down—shortened by the upcoming holiday—investors are watching closely for signs of strength. But with tariffs, Fed policy, and corporate earnings dominating headlines, sentiment remains cautious.
Bitcoin Stays Flat Amid Broader Risk-Off Tone
Cryptocurrencies have mirrored the broader market’s risk-off stance. Bitcoin (BTC) traded largely flat over the past 24 hours, hovering near $84,500, as investors paused amid economic uncertainty and global rate shifts.
