U.S. equity futures pointed lower at the start of a pivotal trading week, with investors digesting renewed political pressure on Federal Reserve Chair Jerome Powell alongside escalating unrest in Iran. Powell drew market attention late Sunday after claiming that a Justice Department investigation into a Federal Reserve renovation project was politically driven. His remarks sparked a rally in gold and weighed on the U.S. dollar, while oil prices paused after recent gains as traders assessed supply risks tied to Iran. Separately, industry research indicated that Apple (NASDAQ:AAPL) captured the largest share of the global smartphone market in 2025.
U.S. futures slip
Wall Street futures declined on Monday as markets reopened amid growing questions about the Fed’s independence.
At 02:58 ET, Dow Jones futures were down 244 points, or 0.5%, S&P 500 futures fell 39 points, or 0.6%, and Nasdaq 100 futures dropped 212 points, or 0.8%.
The S&P 500 ended last week at a record high, buoyed by strong gains in semiconductor stocks. Investors largely brushed aside a softer-than-expected monthly jobs report, which failed to materially shift expectations for additional Fed rate cuts later in the year.
Attention now turns to a packed week featuring key economic indicators and earnings from major banks that typically signal the start of reporting season. Markets are also watching the U.S. Supreme Court, which may soon rule on the legality of sweeping tariffs — a cornerstone of President Donald Trump’s economic platform.
Powell highlights political pressure
The Federal Reserve took centre stage after 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 Fed.
Powell said prosecutors had threatened a potential criminal indictment tied to his testimony regarding cost overruns at a $2.5 billion overhaul 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.”
He went on to argue 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 that he was unaware of the Justice Department’s investigation.
Gold rallies as dollar weakens
The developments reignited concerns over whether the Fed — one of the world’s most influential central banks — can operate free from political interference.
Trump has repeatedly criticised Powell and other Fed officials for not cutting rates more aggressively to stimulate the economy. The dispute has also involved an earlier attempt by the White House to remove another Fed official, Governor Lisa Cook, a matter the Supreme Court is set to consider in two weeks.
Powell’s term as Fed chair ends in May, and Trump is reportedly already considering loyalists as potential successors. Powell, however, is not required to step down, leaving open the possibility that he could remain in office despite political pressure.
Against this backdrop, investors sought safety in gold, traditionally viewed as a haven asset. The U.S. dollar weakened at the same time, further boosting gold’s appeal by making it cheaper for non-dollar buyers.
Oil steadies after recent gains
Oil prices stabilised following last week’s rally, as ongoing civil unrest in Iran — a major Middle Eastern oil producer — continued to raise the risk of supply disruptions.
Brent crude futures slipped 0.3% to $63.22 a barrel, while U.S. West Texas Intermediate crude edged 0.1% higher to $58.98 a barrel.
Both benchmarks gained more than 3% last week as large-scale anti-government protests intensified, marking the most significant demonstrations against Iran’s clerical leadership since 2022. The situation has heightened fears of a broader regional conflict in a critical energy-producing area.
Apple tops smartphone market
Apple led the global smartphone market in 2025, supported by strong demand for its iPhone 17 and solid sales in emerging and mid-sized markets, according to analysts at Counterpoint Research.
Counterpoint said Apple secured a 20% share of the global smartphone market and recorded roughly 10% growth year on year, the strongest performance among the top five brands.
Samsung followed closely with a 19% market share, driven by steady sales of its Galaxy A lineup and “continued traction” in its premium Galaxy S and Z models.
Overall, global smartphone shipments rose 2% from a year earlier, helped by increasing demand for high-end devices. However, Counterpoint cautioned that sharply rising memory chip shortages and prices mean the outlook for the global smartphone market in 2026 remains “conservative.”
Leave a Reply