By Kristoff De Turck - reviewed by Aldwin Keppens
Last update: Apr 22, 2025
Wall Street had a rough start to the week as markets reopened after the Easter holiday. U.S. stocks plunged Monday, triggered by renewed political pressure from former President Donald Trump on Federal Reserve Chair Jerome Powell and growing concerns over global trade tensions.
The Dow Jones lost 2.5%, the S&P 500 dropped 2.4%, and the tech-heavy Nasdaq fell 2.6%. The declines came amid increasing doubts about the Fed's independence, a key pillar of investor confidence.
Trump intensified his attacks on Powell, calling him a "major loser" on his social platform Truth Social and blaming him for not lowering interest rates fast enough. These remarks followed earlier reports that Trump’s team is exploring legal options to remove Powell before his term ends in May 2026.
Trump's criticism has drawn bipartisan concern. Both Fed officials and some Republican senators emphasized the importance of central bank independence. Chicago Fed President Austan Goolsbee warned that political interference in monetary policy could be damaging, while Senator John Kennedy reminded the public that a president cannot simply fire the Fed chair.
Markets reacted sharply to the political turmoil. The U.S. dollar dropped to multi-year lows against both the euro and Swiss franc, while gold prices surged past $3,400, setting a new record. Bond yields also rose, with the 10-year Treasury yield climbing to 4.39%, reflecting investor anxiety.
Trade tensions added to the sour mood. A Japanese trade delegation left Washington without a deal, while China threatened retaliation against countries that support U.S. efforts to isolate Beijing economically. Trump, meanwhile, called on CEOs to move production back to the U.S. to avoid his tariffs and criticized what he sees as unfair trade practices.
Despite the broad sell-off, Netflix (NFLX | +1.53%) stood out as a rare winner. The streaming giant gained 1.5% after strong Q1 earnings, beating expectations with $6.61 in EPS and $10.54 billion in revenue. Analysts highlighted Netflix’s pricing power, predictable subscription model, and a weaker dollar as tailwinds.
Morgan Stanley’s Benjamin Swinburne noted that currency effects could further boost reported earnings, while Piper Sandler's Tom Champion labeled Netflix a "defensive stock" in turbulent times.
Tesla (TSLA | -5.75%), on the other hand, dropped 5.8% ahead of its earnings release Tuesday after weak delivery numbers earlier this month.
Nvidia (NVDA | -4.51%) fell 4.5% amid news it will write off $5.5 billion due to new U.S. export restrictions, and Uber (UBER | -3.08%) lost 3.1% after facing a lawsuit from the FTC over its subscription service.
Meanwhile, UnitedHealth (UNH | -6.34%) continued its plunge, down another 6.4% following a guidance cut.
Looking ahead, investors will be watching earnings reports from major firms including Alphabet (GOOG | -2.28%) , Intel (INTC | -0.48%), IBM (IBM | -1.08%), Texas Instruments (TXT | -1.91%), Boeing (BA | -1.58%), and Lockheed Martin (LMT | -1.24%) later this week.
With political uncertainty and macroeconomic concerns swirling, markets remain on edge—and all eyes are on whether Powell can maintain the Fed’s course amid growing external pressures.
The data shows a clear and sharp decline in market breadth on April 21, 2025, suggesting a broadly bearish shift across equities:
1. Daily Breadth Metrics (Apr 21)
Advancing Stocks: Only 18.6%, a significant drop from 71.3% on April 17.
Declining Stocks: Spiked to 79.8%, a major red flag for market sentiment.
4% Up/Down Moves: Only 2.7% of stocks rose more than 4%, while 6.4% fell more than 4%.
→ This shows strong downside momentum and broad selling pressure.
2. Short-Term Breadth Momentum Fades
Percentage Above Moving Averages (MA) on Apr 21
SMA(20): 22.2%
SMA(50): 15.4%
SMA(100): 16.1%
SMA(200): 17.9%
The drop from April 14–17 is clear:
For instance, SMA(20)+ was at 26.7% on April 17 and fell to 22.2% on April 21.
SMA(200)+ dropped from 20.2% to 17.9%.
→ These numbers show that a large majority of stocks are trading below key moving averages, indicating weak technical support and short-term bearish bias.
3. Weekly Breadth Turning Neutral to Negative
Advancing Stocks This Week: 49.4%
Declining Stocks This Week: 49.6%
After several strong breadth days in the previous week (e.g., 87.3% advancers on April 15), this week started flat, signaling loss of momentum and possible market fatigue.
4. Monthly and 3-Month Breadth Shows Deep Weakness
Advancers (Month): 14.2% vs. Decliners: 85.6%
Advancers (3 Month): 19% vs. Decliners: 80.4%
Advancers >25% (3M): Just 3.4%
Decliners >25% (3M): A concerning 24.9%
→ This highlights a longer-term downtrend, with a dominance of heavy losers and few meaningful gainers over the past three months.
5. Summary & Market Outlook
The market has shifted sharply into bearish territory.
Both short-term (daily) and longer-term (monthly, 3-month) breadth indicators are heavily skewed toward decliners. Participation in rallies has weakened, with very few stocks showing strength above their key moving averages.
The sharp decline on April 21, combined with a broad breakdown in trend support, suggests rising risk of further downside unless a strong reversal or catalyst emerges.
274.35
-33.66 (-10.93%)
206.24
+1.52 (+0.74%)
465.14
+15.96 (+3.55%)
1177.98
+26.99 (+2.34%)
266.68
+8.86 (+3.44%)
21.55
+0.03 (+0.14%)
187.83
+0.49 (+0.26%)
342.82
-4.86 (-1.4%)
163.96
-1.41 (-0.85%)
90.16
-0.25 (-0.28%)
Find more stocks in the Stock Screener
Wall Street ends mixed as inflation cools, Deere beats expectations, Walmart warns on prices, and oil sinks on Iran deal hopes.
Join us in exploring the top gainers and losers within the S&P500 index one hour before the close of the markets on Thursday as we examine the latest happenings in today's session.
Looking for the most active S&P500 stocks in today's session? Join us as we dive into the US markets on Thursday and discover the stocks that are dominating the trading activity and setting the pace for the market.
Curious about which S&P500 stocks are generating unusual volume on Thursday? Find out below.
Uncover the latest developments among S&P500 stocks in today's session. Stay tuned to the S&P500 index's top gainers and losers on Thursday.
Let's have a look at the S&P500 gap up and gap down stocks in today's session.
As we await the opening of the US market on Thursday, let's delve into the pre-market session and discover the S&P500 top gainers and losers shaping the early market sentiment.
Let's have a look at the S&P500 stocks with an unusual volume in today's session.
The US market session of Wednesday has yet to be opened, let's have a look at the top S&P500 gainers and losers in the pre-market session today.
Wall Street Rises as Inflation Eases and Trade Optimism Grows
Get insights into the S&P500 index performance on Tuesday. Explore the top gainers and losers within the S&P500 index in today's session.
Stay informed about the most active S&P500 stocks in today's session as we take a closer look at what's happening on the US markets on Tuesday. Discover the stocks that are generating the highest trading volume and driving market activity.