Stocks Post Modest Gains, Former Feds Blast DOJ Probe, More
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News when you want it with Bloomberg News Now. I'm Amy Morris. There's your closing bell for this Monday on Wall Street. We're stocked edged higher in the final hour of trading, but on ease over interference and monetary policy kept a lid on the market all day. We'll get into all of that just ahead. But first, we bring you the closing numbers each day here at Bloomberg. The S&P 500 gained 11 points. NASDAQ gained 63 points and the Dow gained 86 points. Ten-year Treasury yield at 4.18 percent, the two-year yield at 3.54 percent. Layoffs reportedly coming to Meta as soon as tomorrow. The New York Times reports the cuts to Reality Labs, which has roughly 15,000 employees, would be a fraction of Meta's total workforce of 78,000, but are set to disproportionately affect those in the Metaverse unit who work on virtual reality headsets and a VR-based social network.
Citigroup is set to cut about 1,000 jobs as part of Chief Executive Jane Frazier's plan to keep a lid on costs and improve returns. The company is culling its ranks as part of a plan announced two years ago to eliminate 20,000 jobs by the end of this year. Three former heads of the Federal Reserve and four former Treasury secretaries have decried a Department of Justice investigation into current Fed Chair Jay Powell, saying it would undermine the central bank's independence. Republican Representative French Hill of Arkansas released a statement calling the charges against Powell a distraction. Bloomberg's Tyler Kendall.
The House Financial Services Chair French Hill saying that this is an unnecessary distraction, in his words, appearing to take the side of the Fed chair.
Bloomberg's Tyler Kendall, Senator Tom Tillis vowed to oppose any Trump nominees to the Fed until the matter of the grand jury investigation is resolved. Republican Senators Lisa Murkowski and Kevin Cramer also expressed opposition. Democratic Representative Debbie Dingell of Michigan says this is a story of retribution and Fed independence.
committed to a system of checks and balances that our forefathers established when they wrote the Constitution. We need an independent Federal Reserve to protect our economy.
Democratic Representative Debbie Dingell of Michigan on Bloomberg's balance of power. Treasury Secretary Scott Besant reportedly told President Trump late yesterday that the probe into Fed Chair Powell made a mess and would be bad for financial markets. Axios reports U.S. Attorney Jeanine Pirro's office launched the probe without warning, with no heads up for Treasury, the White House or the main Justice Department. And sources tell Bloomberg that Federal Housing Finance Agency Director Bill Pulte was a driving force behind the Trump decision to subpoena the Federal Reserve. Pulte denies it.
The DOJ is outside of my purview. This is out of my purview. I don't know anything about it.
What are the latest trends in stock market performance?
And I would defer you to the DOJ.
Pulte was a guest on Bloomberg surveillance. The ranking Democrat on the Banking Committee, Senator Elizabeth Warren, assailed President Trump for his attacks on the Fed and Fed Chair Powell.
This is weaponizing the Department of Justice in order for Donald Trump to take over the Fed so that he can make political decisions that he thinks will help him. Rolling into the 2026 election, the consequences can be disastrous for the economy.
Senator Elizabeth Warren speaking at the National Press Club. Senator Warren will be a guest on Balance of Power tonight at 5 Wall Street time. Strategists and economists at JPMorgan Chase now no longer expect the Fed to cut interest rates this year.
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