U.S. futures have fallen while markets in Asia advanced after Federal Reserve Chair Jerome Powell said the Department of Justice had served the central bank with subpoenas.

The subpoenas threatened a criminal indictment related to Jerome Powell's testimony before the Senate Banking Committee in June 2025, according to the Fed chair.

Major gauges made slight losses as Wall Street prepares for a week of major releases against a backdrop of global volatility.

Markets began trade on Monday with the bombshell that the Trump administration had threatened to indict Powell over Congressional testimony he gave last summer about a Fed building renovation project. Powell says it's a "pretext" to gain more influence over the central bank and monetary policy.

Powell appeared on camera to directly address the inquiry, which concerns testimony he gave about renovations at the Fed headquarters.

Glen Powell debuted a new hairstyle at the Golden Globes, arriving with a mullet to the red carpet along with a blue, velvet blazer on Sunday, Jan. 11, 2026.

Glen Powell and Sydney Sweeney’s box office-dominating William Shakespeare adaptation is a streaming hit. Find out more here.