US market decline continues as Dow faces worst April since 1932

As the decline in US stock markets continues, the Dow industrial average is poised for its worst April since 1932, having fallen by nearly 1,000 points.

The dollar fell to its lowest level in recent years against the euro and other major currencies, while yields on long-term Treasury bonds rose and gold set a new record.

Markets are also tense due to US President Donald Trump’s tariff war and threats to fire Fed Chairman Jerome Powell.

Trump demanded lower interest rates in a social media post yesterday (April 21), stating that costs were trending down and the economy could slow “if Mr. Too Late [Powell], a big loser, doesn’t lower interest rates NOW”.

While markets were closed on Friday, National Economic Council Director Kevin Hassett underscored the White House’s dissatisfaction with Powell and said officials were examining the removal of the Fed Chairman.

Meanwhile, the first statistics following the tariffs have begun to emerge. Initial data from South Korea indicated a significant drop in exports to the US this month.

According to data released by the South Korean customs administration on Monday, ahead of the monthly trade figures due next week, exports from Asia’s fourth largest economy fell by 5.2% in the first 20 days of April compared to the previous year. Preliminary figures showed imports also fell by 12%, resulting in a trade deficit.

According to the data, South Korea’s exports of automobiles and automobile parts between April 1-20 fell by 6.5% and 1.7% respectively compared to the previous year. Trump has been imposing tariffs on imported vehicles since early April.

The data showed that outbound shipments of semiconductors continued to grow, while those of petrochemicals decreased.

Major stock indices also declined on Monday. The Nasdaq took the biggest hit, falling by about 2.6% after a previous 3% loss.

Large technology stocks, led by Tesla, Nvidia, and Apple, also lost value.

The ICE US dollar index, a measure of the dollar against a basket of major currencies, fell by more than 1%, dropping to its lowest level in three years.

Treasury bond yields also rose, with the 10-year bond yield reaching 4.404%.

Gold set a new record, rising above $3,400 per troy ounce. Bitcoin, meanwhile, rallied.

In Japan, the Nikkei fell by 1.3%. China’s CSI 300 index, however, rose by 0.3%.

Markets in Hong Kong and Europe were closed due to the Easter holiday.