US EditionStock Market Live January 12, 2026: S&P 500 (SPY) Sinks on DOJ Investigation Into Powell
S&P 500 futures dropped 0.7% after DOJ subpoenas to Fed Chair Powell raised concerns about central bank independence amid geopolitical tensions, investors sought safe-haven assets.
- The Justice Department opened a criminal investigation into Jerome Powell and served grand-jury subpoenas to the Fed, which Powell confirmed in a video on Sunday, calling the probe unprecedented.
- Reporting noted the investigation centers on prosecutors examining Jerome Powell's Senate Banking Committee testimony about the $2.5 billion renovation, while observers link the probe to pressure from President Donald Trump.
- S&P 500 futures fell 0.7%, gold surged to $4,619 an ounce, and bank stocks dropped sharply, with Capital One falling close to 10 percent.
- With Powell's term expiring in May, the DOJ threat could complicate his replacement as Thom Tillis and Lisa Murkowski said they would not confirm a Trump administration nominee while Powell is investigated.
- Many investors saw the move as a challenge to Fed independence, while rising 10-year Treasury yield and analysts signal vigilance on DOJ and the Trump administration ahead of the Fed's next key meeting later this month.
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Stock Market Live January 12, 2026: S&P 500 (SPY) Sinks on DOJ Investigation into Powell
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