US stock indexes closed higher on Monday after recovering from early session losses. The S&P 500 Index finished up 0.16%, setting a new record high. The Dow Jones Industrials Index rose 0.17%, and the Nasdaq 100 Index gained 0.08%, reaching a 2.25-month high.
March E-mini S&P futures increased 0.16%, and March E-mini Nasdaq futures climbed 0.09%.
Strength in data storage companies and chip makers contributed to the market's upward move. Mining stocks also rallied as gold and silver prices soared to all-time highs.
Stocks initially opened lower. The decline followed attacks on the Federal Reserve by the Trump administration, which heightened concerns about Fed independence. Stocks, government bonds, and the dollar faced pressure. Gold and silver surged to new record highs after Fed Chair Powell stated the threat of a US criminal indictment resulted from a disagreement with the Trump administration over monetary policy.
On Sunday evening, Powell said the Fed received grand jury subpoenas from the Justice Department late last Friday. The subpoenas threaten a criminal indictment related to his June congressional testimony on ongoing renovations of the Fed's headquarters. Powell remarked, "The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than the preferences of the president."
Credit card companies and bank stocks retreated. The move came after President Trump said credit-card lenders would be "in violation of the law" if they do not cap interest rates at 10% for one year. He set a January 20 deadline for compliance.
March 10-year T-notes closed down 2.5 ticks. The 10-year T-note yield rose 2.0 basis points to 4.185%, reaching a 1-month high of 4.205% during the session. T-notes recovered from their worst levels due to solid demand for the Treasury's 3-year and 10-year T-note auctions.
Overseas stock markets also settled higher. The Euro Stoxx 50 rose to a new record high, closing up 0.31%. China's Shanghai Composite rallied to a new 10.5-year high, finishing up 1.09%. Japan's Nikkei Stock 225 was closed for the Coming-of-Age Day holiday.
Among individual movers, Western Digital closed up more than 6%, leading gainers in the S&P 500 and Nasdaq 100. Seagate Technology Holdings Plc rose more than 5%. Advanced Micro Devices, Broadcom, KLA Corp, and Applied Materials each gained more than 2%.
In mining, Hecla Mining closed up more than 8%. Coeur Mining rose more than 5%. Freeport-McMoRan and Newmont Mining each gained more than 3%.
Credit card and bank stocks declined. Synchrony Financial closed down more than 8%, leading losers in the S&P 500. Capital One Financial fell more than 6%, and American Express dropped more than 4%, leading Dow Jones industrials lower. Citigroup closed down more than 3%, and Visa fell more than 2%.
Other notable movers included ANI Pharmaceuticals, which closed up more than 10% after forecasting strong 2026 net revenue. Dexcom rose more than 5% on better-than-expected preliminary Q3 revenue. Walmart gained 3% after news it will replace AstraZeneca Plc in the Nasdaq 100 Index beginning January 20.
On the downside, Alnylam Pharmaceuticals closed down more than 6% after reporting preliminary Q4 sales below consensus. SLM Corp fell more than 3% following a downgrade by JPMorgan Chase.