Dow Futures indicate a downward trend as the market prepares for a week filled with trading activity. Federal Reserve Chair Jerome Powell is under scrutiny following his assertion on Sunday evening that a Department of Justice investigation into the central bank’s recent renovation project was driven by political motives. In the aftermath of Powell’s statement, there is a notable surge in certain assets while the dollar experiences a weakening. Concurrently, oil prices are consolidating following recent gains, as market participants remain vigilant regarding unrest in the significant producer, Iran. Meanwhile, a research report indicates that it garnered the highest share of the global smartphone market in 2025.

Dow Futures declined on Monday, as investors resumed trading for the week, confronted with renewed inquiries regarding the Fed’s independence. By 02:58, the Dow futures contract had decreased by 244 points, or 0.5%, while another futures contract had lost 39 points, or 0.6%, and a separate futures contract had fallen by 212 points, or 0.8%. The S&P 500 reached a new all-time high on Friday, driven by a significant increase in the stock prices of chipmakers. Market participants seemed largely indifferent to a monthly employment report that fell short of expectations, yet it did not significantly shift the outlook for further interest rate cuts by the Federal Reserve in the upcoming months. Markets are preparing for a week that promises to be eventful, featuring significant economic data alongside earnings reports from major banks, which traditionally signal the start of the quarterly earnings season. Significant focus is directed towards the Supreme Court, which may soon provide a long-anticipated ruling regarding the legality of extensive U.S. tariffs, a fundamental component of President Donald Trump’s economic strategy.

The commencement of the trading week was predominantly centered on the Federal Reserve, following remarks from Chair Jerome Powell on Sunday evening regarding subpoenas issued by the Justice Department related to his comments from last summer concerning a renovation project. Powell indicated that the Justice Department had warned of a potential criminal indictment concerning his testimony regarding cost overruns associated with the $2.5 billion renovation of the Federal Reserve’s Washington headquarters. This emerging threat does not pertain to my testimony from last June nor to 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 stated in a release on the Fed’s website, adding, “[t]hose are pretexts.” Powell contended 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.” Following Powell’s statement, Trump informed that he was unaware of the DOJ’s investigation.

Nonetheless, fresh concerns have emerged regarding the capacity of the Federal Reserve, a central bank of significant global importance, to establish interest rates without succumbing to political pressures. Trump has consistently criticized Powell and Federal Reserve officials for their reluctance to swiftly and decisively reduce interest rates to stimulate economic growth. The market has been closely monitoring the ongoing dispute, which has also involved an effort by the White House to remove another Federal Reserve official, Governor Lisa Cook. The U.S. Supreme Court is scheduled to hear arguments on this matter in two weeks. Powell’s tenure at the Federal Reserve is scheduled to conclude in May, and reports indicate that Trump has commenced the process of identifying loyalists as potential successors. However, Powell is not required to resign from his position as a Fed Governor, indicating that he may choose to stay on despite Trump’s opposition. In light of this uncertain environment, investors flocked to gold, which is generally regarded as a safe-haven asset. The U.S. dollar faced downward pressure, enhancing the attractiveness of gold by reducing its cost for holders of alternative currencies.

Oil prices stabilized following recent increases, as ongoing civil unrest in Iran, a significant producer in the Middle East, posed a risk to global supply chains. Futures declined by 0.3% to $63.22 a barrel, while U.S. West Texas Intermediate crude futures experienced a slight increase of 0.1%, reaching $58.98 a barrel. Both benchmark contracts experienced an increase of over 3% last week, driven by escalating anti-government protests that culminated in the largest demonstrations against the nation’s clerical establishment since 2022. This has intensified apprehensions regarding a wider regional conflict in this crucial energy-producing area.

Apple dominated the global smartphone market in 2025, supported by robust demand for its latest iPhone 17 model and significant sales growth in emerging and mid-sized markets, according to analysts. Counterpoint reported that the California-based tech giant achieved a 20% share of the smartphone market, reflecting a growth of approximately 10% compared to the previous year, marking the highest increase among the top five brands. Samsung closely followed Apple, achieving a 19% market share, driven by consistent growth in its Galaxy A series and the sustained popularity of its premium Galaxy S and Z models. In summary, global smartphone shipments experienced a 2% increase year-over-year, partly fueled by a growing appetite for premium handsets. Counterpoint has indicated that a significant increase in memory chip shortages and prices suggests that the global outlook for smartphones in 2026 is “conservative.”