Summit State Bank shares fall 4.80% intraday amid uncertainty over Fed independence and Trump's actions.

Summit State Bank dropped 4.80% intraday, with the decline potentially influenced by broader market uncertainty. Stock futures were lower after the holiday, as investors awaited a ruling on Trump's bid to fire Federal Reserve governor Lisa Cook and assessed the potential impact on interest rates. Additionally, gold prices hit a record high, reflecting market unease and uncertainty surrounding factors including resurging inflation concerns and anticipation ahead of the nonfarm payrolls report.