JPMorgan Trading Desk ‘Cautious’ on US Stocks After Fed Probe

The Trump administration’s latest attack on the Federal Reserve’s independence poses a threat to the US stock market, at least in the short term, according to JP Morgan Securities LLC’s trading desk.

News that the Fed faces a criminal investigation rattled US markets late Sunday, sending equity futures lower with the dollar and driving investors into the safety of gold. The S&P 500 fell 0.3% as of 9:35 a.m. in New York.