U.S. Treasury Secretary Suggests Stock Market Drop Due to DeepSeek-Induced Sell-Off, Unrelated to Trump

BlockBeats News, April 3rd, US Treasury Secretary Yellen stated on Wednesday evening local time that the sell-off in the stock market was more due to a sharp pullback in large-cap tech stocks than to the protectionist policies of the Trump administration.

Yellen said in a TV interview, "I'm working hard to be the Treasury Secretary, not a market commentator. What I want to point out is that especially the NASDAQ index peaked on DeepSeek day, so this is a Mag7 (US stock Seven Giants) issue, not a MAGA issue." (FXStreet)