U.S. stocks opened lower Thursday, with all three major indexes under pressure as investors digested fresh signals on monetary policy from Washington and eyed sweeping regulatory and industrial developments.

The Dow Jones Industrial Average fell 191.91 points, or 0.43%, to 44,730.4 in early trading. The S&P 500 shed 22.94 points, or 0.35%, to 6,443.64, while the Nasdaq Composite declined 82.89 points, or 0.38%, to 21,630.3.

The weakness at the open followed an unusually direct intervention from U.S. Treasury Secretary Scott Bessent, who urged the Federal Reserve to begin cutting rates next month. “I think we could go into a series of rate cuts here, starting with a 50 basis point rate cut in September… we should probably be 150, 175 basis points lower,” Bessent told Bloomberg Surveillance, citing softer labor market data revisions and slower global growth. His remarks add political heat to the Fed’s September meeting, where policymakers face competing pressures from inflation risks and weakening economic indicators.

Policy shifts under the Trump administration also continue to reverberate through markets. Regulatory tailwinds for digital assets have fueled $29.4 billion in inflows to U.S. crypto ETFs so far in 2025, according to CFRA Research, with the newly enacted GENIUS Act and other measures clarifying the framework for stablecoins and exchange-traded products. Analysts say the momentum could accelerate if proposed legislation further clarifies market structure for cryptocurrencies.

In the energy sector, shares of nuclear technology firm OKLO drew attention after Wedbush Securities said the company was tapped for two projects in the Department of Energy’s new Nuclear Reactor Pilot Program. The initiative, part of President Trump’s broader push to expand nuclear power and support the data center buildout tied to the so-called Fourth Industrial Revolution, aims to fast-track at least three test reactors by mid-2026.

Investors are also watching global bond markets, where surging yields in Japan and Germany have added upward pressure to U.S. long-dated Treasurys. Bessent noted the “leakage” from foreign markets, suggesting overseas inflation concerns could complicate domestic monetary policy.

With earnings season winding down, traders are likely to focus on macro signals in the coming weeks—chief among them, whether the Fed heeds calls for a September cut or opts to keep rates steady until clearer signs of disinflation emerge.