US stock markets slipped on Monday as President Donald Trump's push for a 10% credit‑card interest rate cap and his criticism of the Federal Reserve raised fresh concerns.
Market Snapshot
By 10 a.m. Eastern Time the major indices were slightly lower:
- S&P 500 down 0.1% to 6,944 points
- Dow Jones down 0.4% to 49,500 points
- Nasdaq almost unchanged, down 0.4% to 23,577 points
Bond and Currency Moves
The 10‑year Treasury yield rose to 4.19%, and the US dollar fell a bit against the euro and other currencies, reflecting worries about the Fed’s independence.
Trump’s Pressure on the Fed
Trump’s team threatened Fed Chair Jerome Powell with an indictment over a building renovation project, calling the move a "pretext" to force rate cuts. Powell’s term ends in May, and the administration is reportedly interviewing BlackRock’s Rick Rieder as a possible replacement.
The Fed is expected to keep rates unchanged at its Jan 27‑28 meeting.
Key Stock Movers
- Credit‑card and lender stocks fell after the proposed 10% cap: Citigroup –3%, JPMorgan –1.2%, American Express –4%.
- Consumer finance firms such as Synchrony, Bread, and Capital One dropped 6‑10%.
- Walmart rose 1.8% after being added to the Nasdaq‑100 index.
- UnitedHealth fell 2.2% over a report about aggressive Medicare Advantage claims.
Precious Metals Rally
Gold surged past $4,600 an ounce, reaching a record $4,620 before settling at $4,585. Silver hit a fresh high of $85.69 per ounce, up about 5%.
Platinum and palladium also rose, with platinum at $2,315 and palladium at $1,851 per ounce.
Oil Prices Dip
Crude oil slipped as Iran said it had "total control" amid large anti‑government protests.
- Brent fell 0.44% to $63.06 a barrel.
- WTI fell 0.58% to $58.78 a barrel.
What It Means for Investors
Higher gold prices suggest a move toward safe‑haven assets amid political uncertainty. The credit‑card rate cap could pressure bank earnings, while oil’s dip may benefit consumers but hurt energy stocks.
Disclaimer
Remember, this is just an overview, not investment advice. Do your own research and consider your own risk tolerance before making any decisions.