Tariff-weary investors found a new reason to sell American assets today: fears over the Fed's independence.

• President Trump's latest attack on central bank chair Jerome Powell this morning triggered a fresh wave of selling in U.S. stocks, bonds and the dollar, while fleeing investors sent gold futures to new record highs.

By the numbers: The S&P 500 closed down 2.4%, now down over 9% since Trump's April 2 tariff announcement.

• The Nasdaq slid 2.6%, driving it again into a bear market, down over 20% from its recent high.
• The U.S. dollar slid to its lowest level in three years by one key measure, a sign investors feared a rise in inflation. Investors also sold off U.S. Treasuries, driving yields for the 10-year up to 4.39%.
• Gold, a remaining safe haven, hit a new record north of $3,400.

Catch up quick: Trump, frustrated by the independent Fed's reluctance to "preemptively" cut interest rates, ratcheted up the heat last week, strongly suggesting he might try to fire the central bank leader.

• That came a day after Powell said that tariffs were likely to stoke inflation and slow economic growth, creating a difficult position for the Fed in terms of how to respond.
• Though Powell — and most experts — say the president lacks the authority to fire the chair of the independent Fed, investors were spooked Friday when White House economic advisor Kevin Hassett said they were "studying" the option.

The latest: The weekend did little to calm tensions. This morning Trump in a social media post called Powell "a major loser," referred to him as "Mr. Too Late," and called on him again to lower rates.

• The president said there "is virtually No Inflation" and sought to direct blame for any slowdown in the economy — which economists have predicted in the short term as a result of Trump's tariffs — to Powell.

Tesla is set to report Q1 earnings tomorrow after market close — and it's going to be a talker.

Zoom in: "Brand erosion" is at the top of investors' and analysts' minds. Both the extent of its toll on Tesla's sales, and what steps the company is taking to minimize damage.

• Another issue to watch: The impact of tariffs and the company's closely watched margins.

The intrigue: Per CNBC, "Tesla said in announcing its reporting date that, in addition to earnings, it will provide a 'live company update,' language the company hasn't typically used in disclosures."

🙋‍♂️ The FTC is suing Uber over deceptive billing and cancellation practices related to its Uber One subscription service. Uber argues that its practices don't violate the law, while Trump's new FTC chairman called the suit an example of the administration "fighting back on behalf of the American people." (WSJ)

💊 Walgreens Boots Alliance agreed to pay $300 million to settle a case alleging company pharmacists knowingly dispensed millions of illegal opioid prescriptions over more than a decade and billed Medicare and other federal health care programs for them. (Axios)

🏔️ World Economic Forum founder Klaus Schwab is stepping down as chairman and from the organization's board after more than 50 years. (Bloomberg)

Chipotle Mexican Grill is planning a push into Mexico.

What they're saying: "We are confident that our responsibly sourced, classically-cooked real food will resonate with guests in Mexico," said Nate Lawton, the company's head of business development.

• "The country's familiarity with our ingredients and affinity for fresh food make it an attractive growth market for our company."

Driving the news: Chipotle announced it inked a development agreement with restaurant operator Alsea to open restaurants in the country, and plans to open the first one by early 2026

The intrigue: Chipotle's hoping the move goes better than similar previous attempts in the industry, Axios' Kelly Tyko writes:

• Competitor Taco Bell attempted to go south of the border into Mexico back in 1992 and then again in 2007. And Domino's tried to bring its pizza to Italy in 2015.
• Both companies ended up closing all their locations after failing to win over locals.

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