11:56 AM EST, 01/12/2026 (MT Newswires) -- US stocks were mixed in midday trading Monday, after Federal Reserve Chair Jerome Powell said Sunday that federal prosecutors have opened a criminal investigation focused on the $2.5 billion renovation of the central bank's headquarters in Washington, D.C.
Powell said the investigation "is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president."
In company news, shares of major banks and credit card companies fell on Monday after President Donald Trump said Friday evening on Truth Social that he is calling for a one-year cap on credit card interest rates of 10%, effective Jan. 20. Shares of Capital One Financial (COF) , American Express (AXP) , Visa (V) and Mastercard (MA) were down 6.3%, 4.4%, 1.3% and 1.8%, respectively. Shares of JPMorgan Chase (JPM) , Bank of America (BAC) and Citigroup (C) were down 1.9%, 1.4% and 3.5%, respectively.
Paramount Skydance (PSKY) said Monday it has filed a lawsuit to obtain information from Warner Bros. Discovery (WBD) related to its merger agreement with Netflix (NFLX) and how it compares to Paramount's offer. Paramount said it filed the suit in Delaware Chancery Court after Warner failed to disclose information "about how it valued the Global Networks stub equity, how it valued the overall Netflix (NFLX) transaction, how the purchase price reduction for debt works in the Netflix (NFLX) transaction, or even what the basis is for its 'risk adjustment' of our $30 per share all-cash offer." Paramount shares were up 0.5%, while Warner shares were down 1.6%. Netflix (NFLX) shares were up 0.6%.
Apple (AAPL) has picked Alphabet (GOOG, GOOGL) unit Google's (GOOG) Gemini to help power its artificial intelligence features for Siri and other products later this year, CNBC reported Monday, citing an Apple (AAPL) statement obtained by CNBC's Jim Cramer. In addition, shares of Alphabet rose in early-morning trading Monday, lifting its market capitalization above $4 trillion. Apple (AAPL) shares were up 0.5%, while Alphabet Class C and Class A shares were both up 0.4%.
Abercrombie & Fitch (ANF) said Monday it now expects fiscal Q4 net income in the range of $3.50 to $3.60 per diluted share, compared to its previous guidance range of $3.40 to $3.70. Analysts polled by FactSet expect $3.60. For fiscal 2025, the company said it now expects diluted EPS of $10.30 to $10.40, compared to its previous guidance of $10.20 to $10.50. Analysts expect $10.17. Abercrombie shares were down nearly 16%.
Price: 233.86, Change: -15.34, Percent Change: -6.15
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