US Equity Indexes Mixed as Powell Calls Justice Department Probe 'Pretext' to Influence Monetary Policy

12:45 PM EST, 01/12/2026 (MT Newswires) -- US equity indexes traded mixed in midday trading on Monday after Federal Reserve Chair Jerome Powell said President Donald Trump's displeasure with the Federal Open Market Committee's policy decisions is driving a Department of Justice probe into the central bank.

The Nasdaq Composite rose 0.3% to 23,751.1, and the S&P 500 edged 0.1% higher to 6,971.2. The Dow Jones Industrial Average, however, slipped 0.2% to 49,414.5. Financials and healthcare led the decliners, while consumer staples were among the top gainers.

Powell said late Sunday the Justice Department had subpoenaed Fed records regarding a $2.5 billion upgrade of the central bank's headquarters and his related testimony before Congress. The Fed chief described the Trump Administration's actions as a "pretext" to influence the central bank's policies.

"The threat of criminal charges 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," according to Powell.

Meanwhile, Trump denied any involvement in the investigation during a Sunday night interview with NBC News. "I don't know anything about it, but he's certainly not very good at the Fed, and he's not very good at building buildings," according to Trump.

Silver futures soared 8.3% to $85.94 per troy ounce, and gold futures surged 2.8% to $4,626.11. Both gold and silver hit fresh records earlier in the session.

The ICE Dollar Index declined 0.2% to 98.90.

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