Futures tied to US equities were lower on Monday, tracking the pullback for all classes of US assets after the President Trump administration escalated its attack on Federal Reserve. Contracts attached to the three main stock indices were more than 0.5% down, with the S&P 500 and the Dow dropping from record highs. The Department of Justice subpoenaed Fed Chairman Powell on criminal charges over Fed buildings’ restoration, with Powell noting the charges are an effort to oust him due to the FOMC monetary policy decisions. Bank and financials stocks were lower, tracking the broad pressure for equities and Trump’s call for interest rates on credit cards to be capped at 10% for one year. The sector was also under scrutiny as major lenders are due to report earnings this week, with Wall Street expecting a broad pullback in revenue growth. Additionally, major tech companies were also lower on lingering concerns over the fundamentals behind soaring pledges of datacenter capital expenditure.
