Gold prices hit record high above $4,600/oz on Iran unrest, Fed indictment threat
Fed Chair Powell flags DOJ probe over interest rates; Trump denies involvement
Five things to watch in markets in the week ahead
’Sell America’ trade is back on as Powell subpoena rattles markets
Investing.com - Futures connected to the major U.S. stock indices point down ahead of the start of a busy trading week. Federal Reserve Chair Jerome Powell is in focus after he alleged on Sunday evening that a Department of Justice probe into the central bank’s recent renovation project was politically motivated.Goldsurges and the dollar weakens in the wake of Powell’s statement, while oil consolidates after recent gains as markets eye unrest in key producer Iran. Meanwhile, a research report saysApplegarnered the highest share of the global smartphone market in 2025.
1. Futures edge lower
U.S. stock futures were lower on Monday, as investors returned for a new trading week facing a fresh questions over the independence of the Fed.
By 02:58 ET (07:58 GMT), the Dow futures contract had slid by 244 points, or 0.5%,S&P 500futures had shed 39 points, or 0.6%, andNasdaq 100futures had declined by 212 points, or 0.8%.
The S&P 500 logged a fresh all-time high on Friday, with the benchmark index buoyed by a surge in shares of chipmakers. Traders also appeared to widely shrug off a monthly employment report which came in weaker than anticipated, but did not dramatically alter expectations for more interest rate reductions by the Fed later this year.
Markets are gearing up for a busy week filled with both consequential economic data and results from big banks that typically kick off the quarterly earnings season. Much of the attention is also on the Supreme Court, which could deliver a long-awaited decision on the legality of sweeping U.S. tariffs, a central pillar of President Donald Trump’s economic agenda.
2. Powell flags renewed political pressure
But the focus to begin the trading week was squarely on the Fed, after Chair Jerome Powell said on Sunday evening that the Justice Department had served subpoenas to the central bank over comments he made last summer about a building renovation project.
Powell said the Justice Department had threatened to unveil a criminal indictment related to Powell’s testimony about cost overruns at a $2.5 billion renovation of the Fed’s Washington headquarters.
"This new threat is not about my testimony last June or about the renovation of the Federal Reserve buildings. It is not about Congress’s oversight role; the Fed through testimony and other public disclosures made every effort to keep Congress informed about the renovation project," Powell said in a statement published on the Fed’s website, adding "[t]hose are pretexts."
Instead, Powell argued that "[t]his is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions -- or whether instead monetary policy will be directed by political pressure or intimidation."
Shortly after Powell’s statement, Trump told NBC he did not have any knowledge about the DOJ’s investigation.
3. Gold jumps
Still, new worries have arisen around the ability of the Fed -- one of the world’s most consequential central banks -- to set interest rates free of political influence.
Trump has frequently hit out at Powell and Fed officials for not moving to aggressively and rapidly lower rates to help boost the economy.
Wall Street has long been tracking the dispute, which has also included an attempt by the White House to oust another Fed official, Governor Lisa Cook. The U.S. Supreme Court is due to hear arguments on this matter in two weeks.
Powell’s term at the helm of the Fed is set to end in May, and Trump has reportedly already begun lining up loyalists as possible replacements. However, Powell is not obligated to step down, meaning there is potential he could remain on in defiance of Trump.
Against this uncertain backdrop, investors raced for the relative safety of gold, typically viewed as a safe-haven asset. The U.S. dollar came under pressure as well, burnishing gold’s appeal by making the yellow metal cheaper for holders of other currencies.
4. Oil consolidates
Oil prices consolidated after recent gains as continued civil unrest in Iran, a key producer in the Middle East, threatened to disrupt global supplies.
Brent futures slipped 0.3% to $63.22 a barrel and U.S. West Texas Intermediate crude futures rose 0.1% to $58.98 a barrel.
Both benchmark contracts gained over 3% last week as widespread anti-government protests intensified, resulting in the biggest demonstrations against the country’s clerical establishment since 2022.
This has heightened concerns of a broader regional confrontation in this key energy-producing region.
5.Appleleads global smartphone market - Counterpoint
Apple led the global smartphone market in 2025, bolstered by solid demand for its latest iPhone 17 device and strong sales in emerging and mid-sized markets, analysts at Counterpoint Research said on Monday.
In a statement, Counterpoint said the California-based tech giant garnered 20% share of the smartphone market and grew some 10% versus the prior year, the highest among the top five brands.
Samsung was just behind Apple, expanding to capture 19% market share, thanks to steady growth in its Galaxy A series and "continued traction" of its high-end Galaxy S and Z models.
Overall, global smartphone shipments rose by 2% year-over-year, driven in part by increasing demand for premium handsets.
However, Counterpoint flagged that a sharp rise in memory chip shortages and prices means that the outlook for smartphones globally in 2026 remains "conservative."
