The Dow shed 971 points on Monday and the Nasdaq gapped 2.6% lower, with both indexes marking fourth-straight losses, as investors returned from Easter to President Trump's criticism of Fed Chair Jerome Powell. The S&P 500 sold off as well, with Trump posting on Truth Social that the U.S. economy could struggle if the central bank doesn't lower interest rates.

White House economic advisor Kevin Hassett said a team is currently studying Powell's termination amid Trump's calls for his resignation. While a U.S. President has never fired a Fed Chair over policy disagreements, traders are now questioning the central bank's independence. In response, the Cboe Volatility Index (VIX) pivoted higher, settling back above 30.

MORE RECORDS FOR GOLD AS OIL SLIDES

Oil prices tumbled on Monday amid U.S.-Iran talks, with tariff-related concerns and the potential for lower oil demand also adding pressure May-dated West Texas Intermediate (WTI) crude fell $1.60, or 2.5%, to finish at $63.08 per barrel. 

Gold prices scored another record high as questions swirled over the central bank's independence amid President Trump's pressure. June-dated gold rose 3% to close at $3,406.20 an ounce.

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