US equity indices fell on Monday, aligned with the pressure in all US asset classes after the President Trump administration escalated its attack on Federal Reserve. The Dow lost 200 points, while the S&P 500 and the Nasdaq 100 were each slightly lower. The Department of Justice subpoenaed Fed Chairman Powell on criminal charges over Fed buildings’ restoration, with Powell noting the charges are an effort to oust him due to the FOMC monetary policy decisions. Bank and financials stocks were lower, with pressure magnified by Trump’s call for interest rates on credit cards to be capped at 10% for one year. The sector was also under scrutiny as major lenders are due to report earnings this week, with Wall Street expecting a broad pullback in revenue growth. JPMorgan, Visa, and Mastercard fell close to 3%. Additionally, major tech companies were also lower on lingering concerns over the fundamentals behind soaring pledges of datacenter capital expenditure.
