Stock Market Today: Stocks extend slide as Trump's attack on Fed rattles markets
The S&P 500 is suffering its fourth worst start to any trading year since 1932.
U.S. stocks turned lower in early Thursday trading, extending last night's tech-led selloff on Wall Street which dragged the S&P 500 to its lowest levels in a week, as investors appeared reluctant to add to risky positions heading into the Easter holiday weekend.
Updated at 10:46 AM EDT
Fading gains
Stocks are moving lower into the second hour of trading, with the S&P 500 down 20 points, or 0.38% on the session and the Dow falling nearly 700 points amid the near-20% decline for UnitedHealth.
The S&P 500 is now trading south of last Thursday's close, having erased all of last Friday's 1.8% rally and the modest gains from earlier in the week.
"Markets across Europe and the US will be closed tomorrow for the Good Friday holiday, with US markets reopening on Easter Monday,' said David Morrison, senior market analyst at Trade Nation.
"The shortened week may bring lighter volumes, but not necessarily less volatility — especially with key data and earnings on tap. And let’s no forget that unlike former President Biden, President Trump doesn’t ‘do’ weekends. So tariff updates can come at any time," he cautioned.
Related: Trump pushes Powell to cut rates, renewing debate over Fed independence
Updated at 9:35 AM EDT
Mixed open
The S&P 500 was marked 19 points, or 0.36% higher in the opening minutes of trading, with the Nasdaq rising 60 points, or 0.37%
The Dow slumped 480 points while the mid-cap Russell 2000 edged a single point to the upside.
Benchmark 10-year Treasury note yields eased to 4.294% while the U.S. dollar index was marked 0.1% higher against a basket of its global peers at 99.461.
S&P 500 Opening Bell Heatmap (Apr. 17, 2025)$SPY +0.47%
