Major US stock indices opened lower on Monday, January 12, the first trading day of the week, amid growing concerns about the central bank’s independence following escalating tensions between the US president and the Federal Reserve chairman. Markets were also awaiting the release of fourth-quarter earnings reports from companies and institutions.

Risk appetite waned at the start of the week after reports emerged that the US Department of Justice was investigating the Federal Reserve’s $2.5 billion renovation project. President Trump alleged some irregularities in the project, while Federal Reserve Chairman Jerome Powell indicated that the investigation stemmed from the central bank’s independent approach to interest rates and that the Fed had not raised rates as the president had hoped. This intensified the dispute and heightened concerns about the central bank’s independence.

Companies and financial institutions are expected to begin releasing their fourth-quarter earnings reports. JPMorgan Chase and Delta Air Lines are scheduled to report on Tuesday, followed by Bank of America, Wells Fargo, and Citigroup on Wednesday, and Morgan Stanley and Goldman Sachs on Thursday. Meanwhile, markets are awaiting the release of consumer price inflation figures on Tuesday, with forecasts indicating the index will remain stable at 2.7% year-on-year in December and 0.3% month-on-month.

Most sectors of the S&P 500 are trading in the red today, with the financial sector leading the declines at 1.2% following Trump’s call to curb interest rates on credit cards. The technology sector is down 0.24%, healthcare 0.17%, energy 0.32%, and telecommunications 0.33%, while the materials sector is up 0.20% and real estate 0.19%.

On the stock market, shares of payment companies Visa, Mastercard, and American Express fell by more than 2% on Monday after US President Donald Trump announced his intention to cap credit card interest rates at 10%, down from the current 23%.

The Dow Jones Industrial Average (Dow) is trading down by about (396) points, trading at levels of 49,107, with losses of about 0.80%, while the S&P 500 index is recording losses of 22 points, trading at levels of 6,943, with a decline of about 0.32%, while the Nasdaq index is declining by (20) points, trading at 23,651 points.