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In a dramatic market reversal on Thursday, US stocks tumbled sharply, with the Nasdaq Composite sliding 4.09% to 15,874.11 and officially entering bear market territory after a 20% decline from its all-time high of 20,204. The tech-heavy Nasdaq 100 dropped 3.93%, while the S&P 500 fell 3.16% and the Dow Jones Industrial Average declined 2.59%.
The sharp sell-off was led by heavy losses in major technology names. Tesla plunged 7.43%, Nvidia sank 5.6%, Meta fell 3.38%, and Apple slipped 3.36%. Microsoft and Amazon also ended in the red but saw milder declines.
Amid this sharp decline, former President Donald Trump posted on Truth Social late on April 4, urging US Federal Reserve Chairman Jerome Powell to immediately cut interest rates. “This would be a PERFECT time… Energy prices are down, Interest Rates are down, Inflation is down, even Eggs are down 69%, and Jobs are UP,” Trump said, calling on Powell to “CUT INTEREST RATES, JEROME, AND STOP PLAYING POLITICS!”
Following Trump’s message, markets showed signs of a slight recovery from the day’s lows. While all major indices remained in negative territory, the pace of the decline slowed and intraday charts reflected some buying at the bottom.
Meanwhile, volatility surged across Wall Street. Among the top gainers during regular hours were American Rebel Holdings (+134.47%), SOBR Safe (+30.22%), and ReShape Lifesciences (+53.65%). On the other hand, DDC Enterprise (-40.55%), Lifecore Biomedical (-23.05%), and Sonim Technologies (-22.47%) were the biggest losers.
The broader sell-off is being driven by persistent concerns over elevated interest rates, global trade tensions, and pre-election uncertainty. Investor focus now shifts to the Fed’s next steps, especially in light of growing political pressure.