FX.co ★ US Stocks Move Lower on Monday

On Monday, U.S. equity indices experienced a downturn as the entire spectrum of U.S. asset classes faced mounting pressure. This came in the wake of the Trump administration intensifying its stance against the Federal Reserve. The Dow Jones Industrial Average fell by 200 points, while the S&P 500 and the Nasdaq 100 saw modest declines. The Department of Justice issued a subpoena to Federal Reserve Chairman Jerome Powell over allegations related to the restoration of Fed buildings. Powell expressed that these charges are an attempt to remove him from office due to the Federal Open Market Committee's (FOMC) monetary policy decisions. Bank and financial sectors also suffered losses, exacerbated by President Trump's proposal to cap interest rates on credit cards at 10% for a year. This sector is under particular scrutiny, as major lenders are expected to report earnings this week, with forecasts pointing to a widespread decline in revenue growth. Shares of JPMorgan, Visa, and Mastercard decreased by nearly 3%. Furthermore, prominent technology companies experienced downturns amid ongoing concerns regarding the sustainability of their substantial investments in data center capital expenditures.