Análisis basado en eventos: La sonda de Powell y sus catalizadores de mercado

The event is now a formal investigation. The Justice Department has opened a criminal probe into Federal Reserve Chair Jerome Powell, directly targeting his testimony before Congress last June about the central bank's $2.5 billion headquarters renovation. This is a sharp escalation of President Trump's long-running feud with the Fed, moving from political threats to a potential criminal case.

Powell has framed this as a direct attack on central bank independence. In a rare video statement, he called the probe "unprecedented" and stated it was a response to the Fed's decision to set interest rates based on economic data, not political pressure. He explicitly linked the investigation to the Fed's resistance to his demands for lower rates, saying it concerns whether monetary policy will be directed by "political pressure or intimidation." This reframing is critical: the probe is not just about renovation costs, but about the very autonomy of the institution.

The immediate market impact has been to rattle confidence. The news sent futures for the Nasdaq and S&P 500 wobbling, a clear sign of acute uncertainty. When a central bank's chair faces a potential criminal indictment, it introduces a level of political volatility that markets dislike. The setup now is one of heightened tension, with Powell's term as chair ending in May and the president already "expected to soon announce" his replacement. The probe creates a volatile catalyst that could swing market sentiment on a dime.

Stock-by-Stock Catalysts and Setup

The Powell probe creates a volatile environment where specific catalysts and sensitivities will dictate short-term moves. Here's the tactical setup for each stock.

Critical Metals (CRML): The key catalyst is the Greenland construction approval, a tangible step forward for its rare-earth project. However, the stock's 500% run-up in six months has priced in near-perfect optimism. This extreme valuation makes it highly vulnerable to any geopolitical risk-off move or broader market volatility triggered by the Fed probe. The opportunity here is a tactical fade of the rally if sentiment shifts, as the stock's speculative premium leaves little room for error.

Hims (HIMS): The stock is in a clear losing streak with no specific positive catalyst mentioned. In this environment, its decline is likely to be exacerbated by broader market volatility. The setup is straightforward: a stock under pressure with no near-term event to lift it, making it a potential loser in a risk-averse market.

Walmart (WMT): The fundamental floor comes from strong earnings and a new stock exchange listing, which provides a tangible anchor. Yet, with a Price-Earnings ratio of 38, the stock is sensitive to rate-sensitive sector rotation. If the Powell probe fuels fears of higher-for-longer rates, growth-oriented sectors could see outflows, pressuring high-multiple stocks like Walmart. The opportunity is a potential bounce if the Fed probe is seen as a contained political event, but the high P/E caps the upside.

Netflix (NFLX): The Warner Bros. deal is a positive, but the stock faces headwinds from the Powell probe's impact on high-duration assets. Its P/E ratio of 46 makes it a prime target for valuation compression if growth expectations are revised lower. Recent price target cuts add to the pressure. The catalyst is the deal, but the sensitivity to rate-sensitive growth stocks creates a clear mispricing risk if the probe spooks investors.

Novavax (NVAX): As a biotech stock, it is inherently sensitive to rate-sensitive growth expectations. The Powell probe introduces volatility that can disproportionately affect speculative, high-multiple names. With no specific catalyst mentioned, the stock is likely to be a casualty of the broader risk-off sentiment, making it a potential loser in this environment.

Capital One (COF): The bank faces uncertainty over the Fed's future stance, a direct sensitivity to the probe's political fallout. However, the probe itself is a political risk that could be priced in quickly if it doesn't escalate. The tactical setup hinges on whether the market views the investigation as a contained event or a sign of deeper Fed independence erosion. A quick resolution could leave the stock undervalued relative to its fundamental position.

Near-Term Catalysts and Risks

The tactical mispricing thesis for each stock hinges on the evolution of the Powell probe and its spillover into market sentiment. Here are the specific watchpoints that will confirm or invalidate the setups.

The key catalyst is the pace and scope of the DOJ investigation. A narrow probe focused solely on the renovation testimony would be a contained political event. However, if the investigation broadens-evidenced by the DOJ issuing grand jury subpoenas to the Fed for internal records or testimony from other officials-it would signal a deeper, more threatening assault on central bank independence. This escalation would amplify market jitters, likely fueling a broader risk-off move that would pressure high-multiple stocks like Netflix and Walmart, validating the tactical fade trades.

A separate, shorter-term catalyst is the political narrative around the Fed chair vacancy. Trump has made clear his intent to replace Powell after his term expires in May. This creates a "Fed chair vacancy" narrative that could become a standalone catalyst. If the probe is seen as a prelude to a swift, politically-aligned replacement, it would reinforce fears of Fed politicization and could trigger a more immediate sell-off in rate-sensitive assets. Conversely, if the probe is resolved quickly or dismissed, it could lead to a swift market repricing, potentially benefiting stocks like Capital One that are sensitive to the Fed's future stance.

The primary risk is that the event is overblown. If the investigation proves to be narrow, technical, and resolved without a criminal indictment, the market's initial overreaction could unwind rapidly. This would leave stocks like Critical Metals, which have run up on optimism, vulnerable to a sharp reversal as speculative capital flees. The setup for a quick de-escalation is present, but the political theater and Powell's framing of the probe as a direct attack on independence make a clean, contained resolution less likely in the near term. For now, the volatility is the trade.