US equity indexes slumped, the dollar fell to a three-year low against a basket of currencies and gold futures rose to a record after President Donald Trump again criticized the Federal Reserve for being "too late" in cutting interest rates.

The Nasdaq tumbled 3.3% to 15,757.1, the S&P 500 fell 3% to 5,126.2, and the Dow Jones Industrial Average declined 2.8% to 38,040.3. All sectors fell with consumer discretionary, technology and energy pacing the decliners.

"'Preemptive cuts' in interest rates are being called for by many," Trump said in a Truth Social post Monday. With energy costs way down, food prices "substantially lower," and most other 'things' trending down, "there is virtually no inflation," Trump said.

"With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," Trump said.

The ICE US Dollar Index slid 1% to 98.37.

Gold futures surged 3.2% to $3,434.61 per ounce, after hitting a new record high of $3,442.30 earlier in the session.

US Treasury yields traded mixed with the 10-year up 4.5 basis points to 4.37% and the two-year down 5.3 basis points to 3.74%.

China's commerce ministry warned of countermeasures against other countries making trade deals with the US that hurt Beijing's interests. The Trump administration reportedly planned to use tariff negotiations to pressure trading partners to limit their dealings with China.

West Texas Intermediate crude oil futures fell 2.7% to $62.91 a barrel.