US stock market crashes today: Why Dow, S&P 500 and Nasdaq down today? Here’s why fears over the Federal Reserve triggered a market pullback

US stock market crashes today: U.S. stocks tumbled on Monday as a legal war erupted between the White House and the Federal Reserve. The Dow dropped 264 points to 49,240.00, while the S&P 500 fell to 6,961.16. Investors reacted to a DOJ criminal probe into Fed Chair Jerome Powell. This unprecedented move sparked fears over central bank independence. Gold hit record highs as the dollar sank to a three-week low amid the growing political instability.