(Reuters) – The New York Stock Exchange ended up on Monday after US President Donald Trump reiterated his attacks on the President of the Federal Reserve (Fed) Jerome Powell, amplifying concerns about the autonomy of the Central Bank.

The Dow Jones index sold 2.48%, or 971.82 points, to 38,170.41 points. The larger Standard & Poor’s 500 lost 124.50 points, or 2.36% to 5,158.20 points. The Nasdaq Composite fell on its side of 415.55 points, or 2.55% to 15,870.901 points.

The three main American indices have recorded heavy losses, the most important having touched the group of “seven magnificent”, made up of growth values ​​that weighed on the Nasdaq, strongly focused on technology.

Donald Trump intensified his criticism against Jerome Powell on Monday, saying that the American economy was going to slow down unless the president of the Fed “drops interest rates now,” he said on his social network Thruth.

Trying to influence the Fed is a very bad idea and that worries the market a lot, commented Jed Ellerbroek, portfolio manager at Silver Capital Management in Saint-Louis.

“Countries with an independent central bank are experiencing faster growth, lower inflation and better economic results for their population,” he added.

In addition, the Sino-American trade conflict has been dug after Beijing warned the other countries to conclude agreements with Washington at the expense of China.

“Companies do not know how to react and await the final responses of the United States concerning customs duties,” says Jed Ellerbroek.

“What is discouraging, in my opinion, is that this situation is somehow self-inflicted; we are in this situation by choice, by the will of this administration,” deplores the manager.

However, these doubts benefited gold, the refuge value having exceeded 3,400 dollars on Monday, affecting a record, while the dollar fell to it at a lower 3 years, to 97.923 against a basket of reference currencies.

The season of business results in the first quarter will accelerate this week, with the publication of the accounts of dozens of highly monitored groups. So far, out of the 59 companies that have published their results, 68% have exceeded Wall Street expectations, according to LSEG data.

On Thursday, analysts expected overall profits of the S&P 500 profits in the first quarter of 8.1%, in annual sliding, against 12.2% scheduled for the start of the quarter, according to LSEG.

The notable publications expected this week include those of Tesla and Alphabet, as well as a multitude of leading industrialists, notably Boeing, Northrop Grumman, Lockheed Martin and 3m.

At the values, the heavyweight of artificial intelligence NVIDIA fell 4.51% after Reuters reported that Huawei Technologies provided massive shipments of an advanced AI chip to its customers in China next month.

(Stephen Culp, with Lisa Mattackal and Purevi Agarwal in Bangalore, Kate Entringer)

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