"The futures are trending lower after a wild Monday that saw stocks get hammered on the open, amid news of Department of Justice subpoenas sent to Federal Reserve Chairman Jay Powell regarding his testimony to Congress last summer. Initially, all the major indices plunged on the news, then reversed sharply to finish higher on the day. Both the Dow Jones Industrials, which closed up 0.17% at 49,590, and the S&P 500, which ended the day higher by 0.16% at 6,977,"
"Yields were higher across the entire Treasury curve on Monday, and you can bet that the controversy with the Federal Reserve receiving subpoenas was a big reason for the selling. The uncertainty about Fed independence and the potential for government intervention pushed bond prices down, echoing past "Sell America" events in 2025. The reality is this will likely blow over quickly, as a mountain of economic news and the start of earnings season will redirect attention. The 30-year bond closed at 4.84%,"
Futures opened lower after a volatile session in which stocks plunged on news that the Department of Justice subpoenaed Federal Reserve Chairman Jay Powell, then staged a sharp reversal to close higher. The Dow rose 0.17% to 49,590 and the S&P 500 gained 0.16% to 6,977, both marking new all-time highs; the Nasdaq was up 0.25% at 23,833 and the Russell 2000 closed at 2,635, up 0.44% and leading major indices year-to-date. Yields climbed across the Treasury curve, with the 30-year at 4.84% and the 10-year at 4.19%, amid concerns about Fed independence. Brent crude closed at $64.01 and WTI at $59.63, while natural gas rebounded following widespread frigid weather.
Read at 24/7 Wall St.
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