S&P 500, Nasdaq Futures Dip As Powell Subpoena, Iran Risks Threaten To Hijack Earnings Week

With Big Bank earnings and inflation data ahead, markets open the week on edge as political and geopolitical shocks steal the spotlight.

• Stock futures fell Sunday night as legal pressure on Fed Chair Jerome Powell and escalating tensions with Iran injected fresh uncertainty ahead of big-bank results.
• Gold and silver surged to record highs, reflecting rising risk aversion even as retail sentiment toward precious-metal ETFs remained bearish.
• SPY sentiment on Stocktwits was 'neutral', while QQQ remained 'bullish', suggesting investors are still leaning into tech strength despite broader unease.

U.S. stock futures dipped late Sunday as investors braced for the start of earnings season while weighing a mix of domestic and geopolitical risks that could unsettle markets.

As of 9:30 p.m. ET, S&P 500 futures were down about 0.5%, Nasdaq 100 futures fell 0.7%, and Dow Jones futures dipped roughly 0.4%.

Wall Street's focus this week will typically center on big banks that kick off earnings season, with JPMorgan Chase, Bank of America, Morgan Stanley and Goldman Sachs set to report December-quarter results. Their performance is often viewed as a bellwether for the broader U.S. economy and market health.

Investors will also be closely watching the December consumer price index data due Tuesday. The market expects headline inflation to hold steady, while core CPI is forecast to tick slightly higher, a key data point for markets assessing the Federal Reserve's next move.

However, two developments over the weekend threaten to overshadow everything else. First, Federal Reserve Chair Jerome Powell said the Justice Department has issued grand jury subpoenas to the central bank and is threatening criminal charges related to his Senate testimony last June. Second, The Wall Street Journal reported that President Donald Trump is set to meet with senior officials to discuss responses to escalating protests in Iran, including potential sanctions, cyber operations and even military strikes.

Gold, Silver Spike On Uncertainty

Reflecting heightened anxiety, precious metals rallied sharply. Gold futures briefly surged above a record $4,600 an ounce, while silver futures spiked past $84 an ounce.

On Stocktwits, retail chatter around SPDR Gold Shares ETF (GLD) and iShares Silver Trust (SLV) surged, pushing both tickers into the platform's top 10 trending symbols late Sunday. Despite the buzz, sentiment for both remained in 'bearish' territory.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust Series 1 (QQQ) ETFs ranked highest on retail traders' radar. Sentiment was mixed, with SPY tagged as 'neutral' and QQQ labeled 'bullish' — possibly signaling continued optimism around the AI-driven tech rally.

Stocks To Watch

Investor attention is also expected to turn to Allegiant Travel Co. (ALGT) and Sun Country Airlines Holdings (SNCY) when markets open Monday, after the low-cost carriers announced a $1.5 billion cash-and-stock merger aimed at better competing with larger rivals.

Other trending tickers include:

• Critical Metals Corp (CRML): Retail interest surged amid reports of high-level discussions within the Trump Administration about acquiring Greenland — potentially including military options — to secure access to critical mineral resources. Focus has centered on the company's massive Tanbreez rare-earth project and the U.S. push to reduce reliance on Chinese supply chains.
• MoonLake Immunotherapeutics (MLTX): The stock remained in focus after posting its best session in nearly three years on Friday, following favorable brokerage action tied to positive FDA feedback on its treatment for hidradenitis suppurativa, a chronic inflammatory skin disease.
• Netflix (NFLX): Shares trended amid growing uncertainty around a potential acquisition of Warner Bros. Discovery, complicated by a competing Paramount–Skydance bid and recent analyst commentary.

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