U.S. stock futures plunged Sunday night following news of an investigation into Federal Reserve Chair Jerome Powell. The probe, linked to Powell's June testimony regarding Federal Reserve building renovations, sparked market anxiety. Nasdaq 100 futures led the decline, dropping approximately 0.8%. S&P 500 futures decreased by about 0.5%, and Dow Jones Industrial Average futures fell roughly 0.4%.
The New York Times reported the investigation, prompting Powell to disclose the matter. Investors reacted by flocking to safe-haven assets. Gold futures surged 1.7% to around $4,578 an ounce. Silver prices jumped over 4%. The U.S. dollar weakened against the Swiss franc and Japanese yen.
The market's reaction reflects concerns that President Trump's past pressure on the Fed might escalate into a direct challenge to its independence. Technology stocks, sensitive to interest rate changes, experienced the most significant selloff. The investigation's outcome and its potential impact on Fed policy remain uncertain.
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