Stocks initially fell on concerns about Fed independence after Chair Jerome Powell revealed the Fed was served subpoenas by the DOJ. Media reports indicate a criminal investigation into Powell’s testimony about a $2.5 billion renovation project for Fed buildings. Powell attributes this to pressure from President Trump to lower rates. Markets worry about potential inflation if Fed independence is compromised. Despite early selling pressure, optimism remains about interest rates. Gold and computer hardware stocks are up, while banking and oil service stocks are down. Overseas markets are mostly higher, with bond yields up slightly.

Read more at Nasdaq: U.S. Stocks Regain Ground After Initial Pullback