Wall Street ends sharply lower amid Trump’s tirade against Fed’s Powell

According to preliminary data, the S&P 500 lost 124.87 points, 2.36 per cent, to end at 5,157.81 points, while the Nasdaq lost 407.77 points, or 2.50 per cent, to 15,878.68. The Dow Jones Industrial Average fell 965.52 points, or 2.47 per cent, to 38,159.19.

First-quarter earnings season shifts into higher gear this week with dozens of closely watched firms due to report. So far, of the 59 companies that have reported, 68 per cent have beaten Wall Street expectations, according to LSEG data.

As of Thursday, analysts expect aggregate first-quarter S&P 500 earnings growth of 8.1 per cent, year-on-year, down from the 12.2 per cent growth projected at the beginning of the quarter, per LSEG.

Notable earnings on the docket this week include Magnificent Seven members Tesla Tand Alphabet, and a host of high-profile industrials including Boeing, Northrop Grumman, Lockheed Martin and 3M.

Artificial intelligence heavyweight Nvidia dropped after Reuters reported that Huawei Technologies planned to begin mass shipments of an advanced AI chip to customers in China as early as next month.

FIS gained following a brokerage upgrade.