Nasdaq futures indicated a significant decline, while the price of gold, often regarded as a safe haven, reached a record high on Monday following the announcement of a criminal investigation by the Justice Department into Federal Reserve Chair Jerome Powell. Last night, Powell indicated that the U.S. Department of Justice had issued grand jury subpoenas to the central bank on Friday concerning his testimony before the Senate Banking Committee last year about the plans to renovate Fed office buildings. “The potential for criminal charges arises from the Federal Reserve’s decision to set interest rates according to our best evaluation of public interest, rather than aligning with the President’s preferences,” Powell stated.

Futures for the Nasdaq 100, Dow Jones Industrial Average, and S&P 500 experienced declines of 0.8%, 0.7%, and 0.6%, respectively, as a reaction to market conditions. Major stock indexes concluded the week on a strong note, with the Dow Jones Industrial Average and S&P 500 achieving record closing levels, following a more significant than anticipated decrease in the U.S. unemployment rate for December. Gold futures, regarded as a safe haven amid market volatility, surpassed $4,600 an ounce for the first time early Monday. The 10-year Treasury yield, a key determinant of interest rates across various commercial and consumer loans, increased to 4.20% from approximately 4.17% at the close on Friday.

Bitcoin was trading at approximately $90,400, experiencing a minor decline for the day. The U.S. dollar index, which measures the value of the greenback relative to a selection of foreign currencies, experienced a decline of 0.3%, settling at 98.81. West Texas Intermediate futures, the U.S. crude oil benchmark, experienced a decline of 0.6%, settling at $58.80 per barrel. Shares of various credit card issuers declined following President Donald Trump’s post on his Truth Social network, in which he stated that on January 20, marking the one-year anniversary of his administration, he was “calling for a one year cap on Credit Card Interest Rates of 10%.”

Capital One Financial stock dropped 10% before the bell, Citigroup was down 4%, and shares of JPMorgan Chase, American Express, Bank of America, and Wells Fargo were down more than 2% apiece. Exxon Mobil shares slipped more than 1% after President Trump indicated he would “probably be inclined to keep Exxon out” of Venezuela, following remarks by CEO Darren Woods that the country was currently “uninvestible.” Shares of Sun Country Airlines Holdings soared 17% and those of Allegiant Travel Company advanced 3% following Allegiant’s agreement to acquire its rival budget carrier for $1.5 billion, aiming to establish “a leading, more competitive leisure-focused U.S. airline.”