U.S. stocks suffered steep losses on Monday as U.S. President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, prompting investors to worry about the central bank's independence even as they grapple with the effects of Trump's ongoing, erratic trade war.

Market Snapshot

The Dow Jones Industrial Average fell 971.82 points, or 2.48%, to 38,170.41, the S&P 500 lost 124.50 points, or 2.36%, to 5,158.20 and the Nasdaq Composite lost 415.55 points, or 2.55%, to 15,870.90.

Market Movers

Netflix was up 1.6% after the streaming company on Thursday reported first-quarter earnings of $6.61 a share, topping analysts' estimates of $5.57, and said it expects profit in the current second quarter of $7.03 a share, higher than consensus of $6.25. The company still expects revenue in 2025 of $43.5 billion to $44.5 billion, saying there has been "no material change to our overall business outlook since our last earnings report." Netflix posted first-quarter revenue of $10.5 billion, up 13% from a year earlier and matching expectations. The quarter was the first three-month period in which Netflix didn't disclose an updated subscriber count.

UnitedHealth was down 6.3% after the giant health insurer tumbled 22% on Thursday after posting first-quarter earnings that missed analysts' expectations and slashed its full-year outlook. The stock's drop Thursday was its largest daily percentage decrease since Aug. 6, 1998, when it fell more than 28%, according to Dow Jones Market Data. UnitedHealth said it saw increased care activity in its Medicare Advantage business during the first quarter, with higher-than-expected utilization rates of physician and outpatient services.

Tesla Motors , the electric-vehicle maker, fell 6% to $227.42. Reuters reported Tesla might delay releasing a lower-priced model, which has been widely anticipated by investors for this year. The report said plans for a stripped-down version of Tesla's Model Y crossover vehicle were being delayed, with significant production planned for 2026. Tesla is scheduled to report first-quarter earnings after the closing bell Tuesday, which comes amid falling sales at the EV maker. Coming into Monday, shares have declined 40% this year.

Barclays late Thursday lowered its price target on Tesla to $275 from $325 and maintained an Equal Weight rating on the shares. Barclays analyst Dan Levy said he sees a "confusing" setup into Tesla's earnings report. The analyst believes it will be difficult for Tesla to increase deliveries in 2025.

NVIDIA declined 4.5% to $96.91. The leader in artificial-intelligence chips remains in the crossfire of escalating U.S.-China trade tensions. CEO Jensen Huang met Japanese Prime Minister Shigeru Ishiba on Monday, following a meeting with Chinese leaders in Beijing last Thursday. Nvidia shares fell 2.9% on Thursday.

Amazon.com declined 3.1% to $167.32 after analysts at Raymond James lowered their rating on the stock to Outperform from Strong Buy and cut the price target on the shares to $195 from $275. The company's retail and advertising businesses could both suffer from U.S. tariffs on Chinese goods, according to Raymond James.

Shares of Eli Lilly fell 2.6%. The stock jumped 14% on Thursday after the pharmaceutical company said its new weight-loss pill had cleared a late-stage clinical trial. Patients on the highest dose in a Phase 3 trial lost an average of 16 pounds, or 7.9% of their weight, after 40 weeks, better than the range of 4% to 7% Lilly had indicated. CEO Dave Ricks vowed Friday that Lilly would manufacture the weight-loss pill in the U.S.

Capital One Financial rose 1.5% and Discover Financial Services was up 3.5% after the Office of the Comptroller of the Currency said it had granted conditional approval of Capital One's $35.3 billion acquisition of Discover. The OCC, which oversees U.S. lenders, said that its approval reflects its "careful analysis of the effect of the merger on communities, the banking industry, and the U.S. financial system."

Ford Motor last week halted shipments to China of F-150 Raptors, Mustang cars, and Bronco SUVs built in Michigan, as well as Lincoln Navigators made in Kentucky, The Wall Street Journal reported, citing people familiar with the matter. The moves were made to avoid retaliatory tariffs that China has implemented. "We have adjusted exports from the U.S. to China in light of the current tariffs," a Ford spokeswoman told the Journal, without specifying models or timing. Shares declined 1.7%.

Salesforce.com fell 4.5% to $236.26. Analysts at DA Davidson reduced their recommendation on shares of the cloud-based software company to Underperform from Neutral with a price target of $200. Guggenheim upgraded the stock to Neutral from Sell without a price target "as the stock has fallen to our prior price target, or a value more aligned with the company's future prospects, in our opinion," the analysts said.

Uber declined 3.1% to $72.92 after the Federal Trade Commission filed a lawsuit accusing the company of misleading customers and failing to provide an easy way to cancel Uber One subscriptions. The FTC claimed Uber wrongly promised savings and, in some instances, charged customers for Uber One without their consent. The subscription costs $9.99 a month and promises discounts on rides and food delivery.

Market News

Amazon has halted some data center leasing talks, Wells Fargo analysts say

Amazon.com has paused some data center lease talks for its cloud division, particularly in overseas markets, suggesting a short-term slowdown in leasing for large-scale facilities, Wells Fargo analysts said on Monday.

The move by the largest U.S. cloud company is the latest sign that rising economic uncertainty could be forcing companies to rethink how they spend the billions of dollars they have earmarked for AI infrastructure including pricey Nvidia chips.

Japan's Nomura to buy Macquarie's US, European asset management units for $1.8 bln

Japanese investment bank Nomura will acquire Macquarie Group's public asset management operations in the United States and Europe for A$2.8 billion ($1.8 billion), the companies said on Tuesday.

The deal marks the latest major overseas acquisition by a Japanese firm as companies facing a shrinking domestic market seek out growth opportunities abroad.