U.S. equity futures were pointing lower at the start of a busy week for markets, with attention centred on renewed political scrutiny of Federal Reserve Chair Jerome Powell and escalating unrest in Iran. Powell moved into focus late Sunday after suggesting that a U.S. Department of Justice investigation into a Federal Reserve renovation project was driven by political motives. Following his comments, gold prices jumped and the dollar weakened, while oil prices paused after recent gains amid concerns over supply risks from Iran. Separately, new industry research showed Apple (NASDAQ:AAPL) leading the global smartphone market in 2025.
Futures move lower
U.S. stock index futures declined on Monday as investors returned from the weekend facing fresh uncertainty over the independence of the Federal Reserve.
By 02:58 ET, Dow Jones futures were down 244 points, or 0.5%, S&P 500 futures had fallen 39 points, or 0.6%, and Nasdaq 100 futures were lower by 212 points, or 0.8%.
The S&P 500 ended last week at a new record high, supported by strong gains in chipmaker stocks. Markets largely looked past a weaker-than-expected monthly jobs report, which did little to shift expectations for further interest rate cuts later this year.
Investors are now preparing for a packed week that includes key economic data releases and earnings from major banks that typically mark the start of reporting season. Attention is also on the U.S. Supreme Court, which could soon rule on the legality of sweeping U.S. tariffs — a cornerstone of President Donald Trump’s economic policy agenda.
Powell points to renewed political pressure
Early-week focus, however, has been firmly on the Federal Reserve. Chair Jerome Powell said on Sunday evening that the Justice Department had issued subpoenas related to comments he made last summer about a renovation project at the central bank.
Powell said the DOJ had threatened to pursue a criminal indictment tied to his testimony on 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 remarks, President Donald Trump told NBC that he had no knowledge of the DOJ investigation.
Gold strengthens as dollar softens
The developments have reignited concerns about whether the Fed — one of the world’s most influential central banks — can continue to set monetary policy without political interference.
Trump has repeatedly criticised Powell and other Fed officials for not cutting interest rates more aggressively to support economic growth. The dispute has also included a previous effort by the White House to remove another Fed official, Governor Lisa Cook, a matter the U.S. Supreme Court is scheduled to hear in two weeks.
Powell’s term as Fed chair is due to end in May, and Trump is reported to be considering loyalists as potential successors. Powell, however, is not required to step down, raising the possibility that he could remain in office despite political pressure.
Against this backdrop, investors sought refuge in gold, traditionally viewed as a safe-haven asset. The U.S. dollar weakened at the same time, further supporting gold prices by making the metal cheaper for non-dollar buyers.
Oil pauses after recent rally
Oil prices steadied following last week’s gains, as ongoing civil unrest in Iran — a major oil producer in the Middle East — continued to raise concerns about potential disruptions to global supply.
Brent crude futures slipped 0.3% to $63.22 a barrel, while U.S. West Texas Intermediate crude edged up 0.1% to $58.98 a barrel.
Both benchmarks rose more than 3% last week as large-scale anti-government protests intensified, marking the biggest demonstrations against Iran’s clerical leadership since 2022. The situation has heightened fears of a wider regional conflict in a critical energy-producing region.
Apple tops global smartphone rankings
Apple led the global smartphone market in 2025, supported by solid demand for its latest iPhone 17 and strong sales in emerging and mid-sized markets, according to analysts at Counterpoint Research.
Counterpoint said Apple captured a 20% share of the global smartphone market and grew around 10% year on year, the strongest performance among the top five brands.
Samsung followed closely with a 19% market share, benefiting from steady sales of its Galaxy A range and “continued traction” for its premium Galaxy S and Z models.
Overall, global smartphone shipments increased by 2% compared with the previous year, helped by rising demand for high-end devices. However, Counterpoint cautioned that sharp increases in memory chip shortages and prices mean the outlook for the global smartphone market in 2026 remains “conservative.”