Market Wrap / monday momentum

The local market opened the week 0.48% higher, with the S&P/ASX 200 closing at 8,759.40 points; despite some afternoon volatility after US Federal Reserve Chair Jerome Powell released a video statement confirming the Trump administration has threatened him with a criminal indictment.

Powell accused the administration of using legal threats to influence Fed policy saying: “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 following the preferences of the President."

The US dollar fell by the most in three-weeks in the wake of the Powell's satement, and gold hit a fresh-record high with gold stocks higher locally, on safe-haven demand. This partially offset some profit-taking seen in BHP with the stock retreating by 2.5%. 

In company news, Light & Wonder hit a record high, after it settled its IP dispute with Aristocrat Leisure. Meanwhile Domino's Pizza was 3.1% higher as executive Merrill Pereya was promoted as CEO for Australia/New Zealand. 

Heading in the other direction, Super Retail hit a five-month low after flagging a first-half earnings disappointment; it was forced to discount heavily to achieve record-sales.

Tonight, global markets will digest the Trump-Fed feud with US Treasuries in firm focus.