U.S. stock futures are lower in premarket trading after the Department of Justice opened a criminal investigation into Federal Reserve Chair Jerome Powell.

The moves come after the S&P 500 (SPX), Dow Index ($DJI) and Russell 2000 (RUT) settled at record highs last Friday.

Powell confirmed in an unusual direct video statement Sunday evening that federal prosecutors have opened a criminal investigation related to his Senate Banking Committee testimony on the renovation of Fed office buildings.

President Trump’s call to cap credit card rates for one year at 10% was also causing some market headwinds to start the week. Besides headline risks, investor focus will turn to corporate reports with the kick-off to earnings season starting tomorrow.

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are down -0.3% near $59.00 a barrel after Iran said it had total control following the biggest anti-government demonstrations in years, easing some concerns over supply ‍from the OPEC producer, while investors ‍also weighed efforts to resume ‍oil exports from Venezuela.
• Gold (/GC) – Gold ⁠prices are up 2.3% near $4,600 and hit another all-time high overnight, while silver ‍also set a new record, ‍as a criminal ‍probe by the Trump administration into Federal Reserve Chair Jerome Powell sent investors scuttling back into the safe haven.
• Bitcoin (/BTC) – The Crypto Future is up 0.5% near 90,700 in premarket trading.
• VIX – The CBOE Volatility Index was down 6.2% on Friday and settled at 14.49 as stocks were higher. The VIX is up over 10% above 16 in the premarket as stocks are lower.
• U.S. Dollar (/DX) – The U.S. Dollar is down around -0.4% to 98.5.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Akamai (AKAM): +4.40%
2. Albemarle (ALB): +3.74%
3. Walmart (WMT): +3.03%
4. Newmont (NEM): +2.95%
5. Block (XYZ): +2.10%

1. Synchrony Financial (SYF): -8.11%
2. Capital One Financial (COF): -8.11%
3. American Express (AXP): -4.16%
4. Citigroup (C): -3.97%
5. JPMorgan Chase (JPM): -2.67%

Economic Data

• 11:30 AM ET: 3-Year Note Auction
• 12:30 PM ET: Fed’s Bostic Speaks
• 12:45 PM ET: Fed’s Barkin Speaks
• 1:00 PM ET: 10-Year Note Auction

Notable Earnings

• Premarket: None
• Postmarket: None
• Premarket Tomorrow: BK, CNXC, DAL, JPM
• Postmarket Tomorrow: None

Upgrades/Downgrades

• Susquehanna upgrades Applied Materials (AMAT) to Positive from Neutral
• B. Riley upgrades Airbnb (ABNB) to Buy from Neutral
• Morgan Stanley upgrades Datadog (DDOG) to Overweight from Equal Weight
• Keybanc downgrades CrowdStrike (CRWD) to Sector Weight from Overweight
• Barclays downgrades Snowflake (SNOW) to Equal Weight from Overweight
• Barclays downgrades GitLab (GTLB) to Underweight from Equal Weight

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.