Stock market today: Dow, S&P 500, Nasdaq futures slide on threat to Fed as Trump's DOJ eyes criminal probe

Market Reaction - US stock futures declined early on Monday, with Dow Jones Industrial Average futures falling 0.6%, S&P 500 futures down approximately 0.8%, and Nasdaq 100 futures leading the decline with a 1.1% drop [1] - The dollar experienced its largest decline in almost three weeks, dropping 0.3% as concerns over political interference in monetary policy resurfaced due to the Federal Reserve facing grand jury subpoenas [5][6] Federal Reserve Independence - Federal Reserve Chair Jerome Powell revealed that the Department of Justice had subpoenaed the Fed, suggesting a direct attack on the Fed's independence regarding interest rate decisions [2] - Analysts noted that the question of Fed independence is now a significant concern, with potential reevaluation at upcoming meetings [10] - Some analysts believe that while the situation is serious, it may not lead to substantial changes in monetary policy, as the Federal Open Market Committee (FOMC) is likely to maintain its stance [11][12] Economic Outlook - The market is preparing for the upcoming consumer inflation report, which is expected to influence the Fed's future decisions [2] - Current data indicates a 95% probability that the Federal Reserve will keep interest rates unchanged for the time being [3] Geopolitical Factors - Geopolitical developments, including tensions involving Iran and Cuba, are also contributing to market uncertainty [4] - Investors are focusing on the upcoming earnings season and key inflation data, with major banks like JPMorgan Chase, Bank of America, and Goldman Sachs set to report soon [4]