Hertz (HTZ) shares tumbled 11% Monday morning, giving back gains from last week’s rally sparked by Bill Ackman’s hedge fund taking a significant position in the rental car giant.
Ackman, the CEO of Pershing Square Capital Management, shared on social media that his company had built a 19.8% stake in Hertz after accumulating shares since late last year.
Wall Street tumbled and the dollar slumped to a three-year low on Monday as growing global skepticism over U.S. investments intensified, driven by President Donald Trump‘s ongoing trade war and public criticism of the Federal Reserve.
These actions have rattled confidence in the traditional economic order, prompting investors to pull back.
» Read more about: US Dollar Hits Three-Year Low as Stocks Tumble Amid Trump Attacks on Fed »
Stocks opened lower Monday, and selling accelerated throughout the session. Today’s declines were a result of continued losses in several of Wall Street’s biggest stocks and growing chatter over President Donald Trump’s desire to fire Federal Reserve Chair Jerome Powell.
The three main indexes all started the day with losses of 1% or more.
» Read more about: Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps Up »
The bull market came to an abrupt halt midway through the first quarter, with the broader market losing more than 14% since its February peak. Although that’s not particularly reassuring, a downbeat start to 2025 should theoretically mean that lots of stocks are on sale.
Before we get to stocks with the most upside potential based on industry analysts’
» Read more about: 33 Stocks That Could Rally 50% or More This Year »
More than 70 cryptocurrency exchange-traded funds (ETFs) are slated for review by the US Securities and Exchange Commission (SEC) this year. According to Bloomberg analyst Eric Balchunas, the list includes proposed ETFs holding a range of assets, from altcoins to memecoins to derivatives instruments.
“Everything from XRP, Litecoin and Solana to Penguins, Doge and 2x Melania and everything in between,” Balchunas said in an April 21 post on the X platform.
» Read more about: More than 70 US crypto ETFs await SEC decision this year — Bloomberg »
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The indexes were even lower earlier in the session but retraced some ground. Still, the Dow is on track for its worst April since 1932, according to Dow Jones Market Data. And the S&P 500 has fallen more than 1.5% for the sixth time this month, the most number of days since June 2022,
» Read more about: Stocks End Sharply Lower. The Dow Is on Pace for Worst April Since 1932. »
Investing
The market is surrounded by uncertainty about the impact of tariffs, recession concerns, and a stock market correction. Investors are worried about their money and many are choosing to stay away from making any new investments.
» Read more about: 3 High-Yield Stocks With Over 8% Dividends »
Global markets have been shaken to their core by President Donald Trump’s aggressive trade agenda — and despite his promise of a “new golden age of America,” the long-held appeal of US investment is starting to lose its luster.
» Read more about: Trump’s trade war is pushing investors away from America »
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Heritage Foundation senior fellow for China Strategy Michael Pillsbury on China warning other countries against making deals with the U.S., the escalation in trade moves and Iran’s foreign minister visiting China.
China has threatened to take countermeasures against any country that strikes trade deals with the U.S.