Dow falls 500 points in worst day for new Fed chair since 1994

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

The Dow Jones Industrial Average fell more than 500 points Wednesday and erased early gains after new Federal Reserve Chair Kevin Warsh held his first policy meeting.

The broader S&P 500 also dipped 1.2 percent in the worst showing for a new chair on “Fed day” with the losses mounting as Warsh spoke to reporters after the meeting, CNBC reported.

The tech-heavy Nasdaq fell even more and was down 1.4 percent.

Options trader Anthony Spina, center, works on the floor of the New York Stock Exchange as markets tumbled on Tuesday, June 16, 2026 (AP)

More to follow…