Why May 15 Could Be a Huge Day for the Stock Market

The article warns that the May 15 end of Jerome Powell’s Fed chair term and the nomination of Kevin Warsh create significant uncertainty that could drive volatility in the stock market. An ongoing federal probe into Powell and political resistance to Warsh’s confirmation raise the risk of a disorderly transition. The S&P 500 has rallied ~4% so far in 2026 and sits near record highs, but the piece cautions that loss of confidence in the Fed or premature rate cuts could spark sharp declines. Investors are advised to consider reducing risk amid the elevated uncertainty ahead of the Fed leadership decision.