US stocks end lower, Asian markets decline as Trump attacks Fed chair Powell; here's what he said

US stocks nosedived on Monday amid US President Donald Trump's trade war concerns and his criticism of Federal Reserve Chairman Jerome Powell.

Taking to Truth Social, the POTUS said "preemptive cuts" in interest rates are being called by many. He stated that there is no inflation while claiming that energy costs and food prices are lower.

"With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW. Europe has already 'Lowered' seven times. Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?" Trump said.

The investors saw the US president's remarks as an attack on the Fed's independence.

Dow Jones Industrial Average slipped 2.48% to settle at 38,170.41.

The S&P 500 ended 2.36% lower, while the Nasdaq descended 2.55%.

In line with the US markets, Asian stocks also traded lower.

Hong Kong's Hang Seng index is down 0.65%, while Taiwan's Taiwan Weighted fell 0.31%.

Japan's Nikkei 225 is trading marginally lower at 0.09%.

As of 7:45 am, the GIFT NIFTY is trading at 24,156.5, up 0.02%, suggesting a flat start for the Indian stock markets.