U.S. stock futures declined on Sunday following reports that Federal Reserve Chair Jerome Powell revealed the Department of Justice had issued a subpoena to the Federal Reserve on Friday, with the threat of criminal charges against him due to expenses at the agency’s headquarters.
In a statement released late Sunday,Powell stated that the claims he deceived Congress regarding the expenses of the renovations were a cover.For President Donald Trump to urge the Federal Reserve to lower interest rates, and that the inquiry poses a risk to the Fed’s autonomy.
In a note released on Sunday night, analysts from Evercore ISI expressed that they were “stunned by this deeply troubling situation” which endangers the central bank’s autonomy. “This is clearly a risk-off scenario. We anticipate declines in the dollar, bonds, and stocks during Monday’s trading as part of a sell-America trend similar to what occurred in April last year during the height of the tariff conflict,” they stated.
Terry Haines, the creator of Pangaea Policy, described Powell’s reaction as “an extraordinary public insult to Trump” and stated that the inquiry “undermines markets’ trust in Trump.”
It will trigger another wave of market anxiety,” Haines wrote in a note. “It’s yet another self-inflicted Trump wound when markets could least afford it.
Dow Jones Industrial Average futures dropped by approximately 230 points, representing a 0.5% decrease. S&P 500 futures and Nasdaq-100 futures also experienced significant declines.
West Texas Intermediate oil, the U.S. standard, remained stable following a loss of significant initial gains amidambiguity regarding Venezuela’s oil sectorin response to Trump’s claim that the U.S. will take control of the country’s oil following U.S. military action that removed President Nicolás Maduro last weekend, andunrest in Iranwhich has witnessed hundreds of protesters reportedly killed, prompting the U.S. to evaluate a military action. Oil prices increased by over 3% during the previous week.
Bitcoin’s price regained strength following Powell’s statement and was recently trading above $92,000.
Precious metals maintained their upward trend on Sunday. Gold, which increased by 64% in 2025, has risen nearly 6% so far this year, whereas silver, which jumped 141% in the previous year, is now up over 17% in 2026.
More: Stocks are indicating that another commodities ‘supercycle’ may be emerging in 2026
On Friday, the Dow and S&P 500 finished at all-time peaks the Dow and S&P 500 ended with historic highs the Dow and S&P 500 reached new record levels the Dow and S&P 500 closed at unprecedented peaks the Dow and S&P 500 concluded at their highest points ever following a decent December jobs report, as all three major indices finished the week with positive results. For the week, the Dow increased by 2.3%, the S&P 500 rose by 1.6%, and the tech-focused Nasdaq went up 1.9%.
Also see: The stock market’s surge on Friday highlights what investors are truly concentrating on in 2026.
The upcoming week will mark the beginning of earnings season, as major financial institutions like Goldman Sachs, JPMorgan Chase, Bank of America, and Morgan Stanley are anticipated to release their quarterly results.
Investors are also anticipating inflation figures this week, including the release of the December consumer price index report on Tuesday, along with retail sales data and the producer price index for November on Wednesday.The upcoming decision by the U.S. Supreme Court regarding the validity of numerous Trump’s tariffsis also approaching the market.