A trader works on the floor of the New York Stock Exchange on April 21, 2025.
Stock futures were nearly flat on Monday night after a turbulent day on Wall Street, as President Donald Trump's latest attack of Federal Reserve Chair Jerome Powell fueled concern.
Futures for the Dow Jones Industrial Average dropped only 18 points. Both S&P 500 and Nasdaq 100 futures traded near their flatlines.
Monday night's action follows a severe sell-off. The Dow plummeted over 970 points during the regular session, while the S&P 500 and Nasdaq Composite both fell more than 2%. Monday marked the Dow and Nasdaq's fourth consecutive losing session.
Investors became particularly concerned when Trump warned on Truth Social that if interest rates were not cut, the economy will slow. In the latest of several recent posts addressing Powell by name, he referred to the Fed president as "Mr. Too Late" and a "big loser."
Last week, Trump hinted at Powell's "termination," an unusual move that White House economic advisor Kevin Hassett claimed the president's team was now investigating. Powell has stated that he cannot be fired under the law and plans to serve until the end of his tenure in May 2026.
Monday's sharp sell-off comes amid a difficult period for stocks following Trump's initial proposal of "reciprocal" tariffs, which shook global markets. Since Trump originally announced his plan for taxes on April 2, all three major indexes have fallen by more than 9%.
Larry Tentarelli, founder of the Blue Chip Daily Trend Report, stated, "There is just so much uncertainty right now with the tariff cycle and the economy." "Adding another layer of uncertainty with Jerome Powell only increases market volatility overall."
Investors will be watching Tuesday morning for the Richmond Fed's manufacturing survey results. Several Fed officials, including Fed Vice Chair Philip Jefferson, Minneapolis Fed President Neel Kashkari, and Fed Governor Adriana Kugler, are set to deliver lectures throughout the day.
Lockheed Martin reports results before the bell. Traders will focus on Tesla's next quarterly financial announcement after the market closes.
UBS predicts that the AI rise will continue from here.
According to UBS, it is still too early to abandon tech equities.
"Tech stocks have been under additional pressure as the United States expands its chip export limitations and tariff uncertainty remains high," stated strategist Sundeep Gantori. "While volatility is expected to persist in the near term, we believe that the AI growth story's solid fundamentals will drive the sector's long-term outperformance."
The strategist added that he expects global tech earnings to climb in the low teens by 2025, while AI adoption could reach 10% by the end of the year.
— Lisa Kailai Han.
Watch the stocks move after hours.
Here are some of the stocks that made significant changes after hours on Monday:
BOK Financial's shares fell 3% due to lower-than-expected first-quarter earnings per share. BOK earned $1.86 per share, while analysts polled by FactSet expected $1.99 per share.
Calix's technology services shares surged 14% due to higher-than-expected first-quarter earnings and positive current-quarter expectations.
MongoDB's shares fell 2% when Srdjan Tanjga, interim chief financial officer, announced his resignation on May 8.
See the complete list here.
— Alex Haring
Stock futures are hardly moved.
Futures for the Dow, S&P 500, and Nasdaq 100 all traded near flat soon after 6 p.m. ET on Monday.
— Alex Haring
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