The trading information is seen on an electronic screen at the New York Stock Exchange in New York, the United States, Dec. 24, 2018. U.S. stocks plunged on Monday, with most of the major indices booking their worst Christmas Eve decline, extending their huge losses in the previous week's rout. (Xinhua/Wang Ying)
Multiple reports said U.S. President Donald Trump is discussing to remove Jerome Powell from his position as chairman of the Federal Reserve after the central bank announced last week to hike the interest rate for the fourth time this year.
The situation was more complicated when Trump on Monday criticized the U.S. central bank on Twitter.
"The only problem our economy has is the Fed. They don't have a feel for the Market," the president tweeted.
Meanwhile, U.S. Treasury Secretary Steven Mnuchin called the heads of the six largest U.S. banks in an attempt to stabilize the market over the weekend, but the move seemed only to raise new concerns about the economy.
The moves spooked the already volatile market as investors were anxious that their gains would vanish and entered a risk-off mode.
Trading volume was light on Monday during a shortened session ahead of Christmas.
Markets have been rattled throughout the year amid fears of rapid interest rate hikes. Such concerns grew more credible over the past month as growth expectations retreated.
