The broader markets experienced a sharp decline of about 2% early in the trading session, primarily due to ongoing uncertainties surrounding trade negotiations and President Trump's dissatisfaction with Federal Reserve Chairman Jerome Powell. As a result, consumer discretionary and technology sectors suffered significant losses. In contrast, gold prices surged, benefiting gold mining stocks like Newmont. Discover Financial Services saw gains following regulatory approval for its merger with Capital One, showcasing that amid market volatility, there are still pockets of growth and stability.
President Trump is targeting Fed Chairman Jerome Powell, adding yet another layer of market uncertainty for the time being.
All of the sectors of the economy are in the red this morning, the worst of which is being felt in consumer discretionary, with a 3% drop.
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