By Janet H. Cho
Stock futures fell after the Federal Reserve disclosed it had received grand jury subpeonas on Friday related to Chair Jerome Powell's testimony in the Senate last June.
Before that disclosure, futures were only drifting lower as investors brace for a big week of earnings from banks and other companies and the release of December's consumer price index.
Markets are also juggling the uncertainty related to President Donald Trump's ambitions for Greenland and other countries. Germany's Foreign Minister Johann Wadephul headed to the U.S. to meet with Secretary of State Marco Rubi about Greenland, a territory of fellow NATO member Denmark.
Dow Jones Industrial Average futures and S&P 500 futures lost 0.4%, while Nasdaq Composite futures were down 0.7%.
The Fed said the testimony was in part about renovations to the Fed's office complex in Washington, D.C., a project President Donald Trump has criticized. Powell said in a statement Sunday evening that "the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President."
The major banks will kick off fourth-quarter earnings season this week, and the economic data highlight of the week will be the Bureau of Labor Statistics' consumer price index on Tuesday.
The Dow Jones Industrial Average and the S&P 500 both closed at record highs on Friday. The Dow ended last week up 2.3% at 49504, in its third record close of the year, according to Dow Jones Market Data. The Dow is up 3% this year.
The S&P 500 closed up 1.6% last week, at 6966, its second record close of 2026. The S&P 500 is up nearly 1.8% year to date.
The Nasdaq Composite closed up 1.9% last week, at 23671, its fifth highest close in history. The Nasdaq is up nearly 1.9% this year.
Write to Janet H. Cho at janet.cho@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 11, 2026 21:19 ET (02:19 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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