The stock market is in full-blown risk-off mode this week, and Ross Gerber, co-founder and CEO of Gerber Kawasaki Wealth & Investment Management, is not holding back. "Safe to say the stock market doesn't like any of these ‘moves' — it seems like dumb and dumber," Gerber wrote on X on Monday night after the Dow dropped nearly 1,000 points and the S&P 500 tumbled over 2% earlier in the day.
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No Confidence in the Fed or Trade Promises
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The selloff came after Treasury Secretary Scott Bessent failed to deliver on trade agreements he had recently promised were in the works with key allies, including India, Japan, South Korea, and Australia. Markets had rallied briefly on hopes of those deals, but they never came, and investors pulled back hard.
“In the end, it doesn’t matter what Bessent thinks or does because he works for Trump,” one Wall Street executive told the New York Post.
Tech analyst Dan Ives at Wedbush Securities warned that unless there's quick progress with China and trade paths become clearer, “the markets, 10-year yield, USD, Gold, and the economy will head down their own divergent paths.”
Meanwhile, Gerber added another point of concern last week: the growing political pressure on the Federal Reserve. “I’m no fan of Jerome. But the Fed should stay ‘independent’ as there is already enough politics involved.”
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Trump Turns Up the Heat on Powell
On Monday morning, President Donald Trump blasted Fed Chair Jerome Powell again on Truth Social, calling him “Mr. Too Late” and demanding immediate rate cuts. Trump claimed there is “virtually no inflation” and warned of an economic slowdown unless Powell acts “NOW.”
The remarks stoked fears about the central bank’s independence and stability of the U.S. dollar. The Dollar Index fell to its lowest level since early 2022, and foreign investors appeared to be pulling money from U.S. assets.
Adding fuel to the fire, reports emerged that the White House might try to remove Powell before his term ends in 2026.
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Safe Havens Surge
Investors responded by fleeing stocks and pouring into gold and Bitcoin. The SPDR Gold Trust surged more than 2.5%, continuing a two-month rally that has pushed gold's year-to-date gain slightly above 30%. Bitcoin climbed to over $88,000, mirroring the safe-haven push.
Stocks, on the other hand, saw red across the board. The Nasdaq 100 fell 3%, and nearly every stock in the S&P 500 ended the session lower.
It's clear investors are not buying the administration's “moves” — and neither is Ross Gerber.
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