NEW YORK (AP) — Wall Street is showing some concern Monday after tensions ramped to a much higher degree between the White House and the Federal Reserve, two Washington institutions whose independence investors used to take for granted.

The S&P 500 fell 0.3% from its all-time high as stocks slipped, while prices for gold and other investments that tend to do well when investors are nervous rose. The value of the U.S. dollar also fell against the euro, Swiss franc and other currencies amid concerns that the Fed may have less independence in setting interest rates to keep inflation under control.

The Dow Jones Industrial Average was down 432 points, or 0.9%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was close to unchanged.

The moves are the first for financial markets after the U.S. Department of Justice subpoenaed the Federal Reserve and threatened a criminal indictment over Chair Jerome Powell’s testimony about renovations underway at the Fed’s headquarters.

In an unusual video statement released on Sunday, Powell said his testimony and the renovations are “pretexts” for the threat of criminal charges, which is really “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.”

In a brief interview with NBC News Sunday, President Donald Trump insisted he didn’t know about the investigation into Powell. When asked if the investigation is intended to pressure Powell on rates, Trump said, “No. I wouldn’t even think of doing it that way.”

Powell’s term as chair ends in May, and Trump administration officials have signaled that he could name a potential replacement this month. Trump has also sought to fire Fed governor Lisa Cook.

The Fed has been locked in a feud with the White House about interest rates. Trump has been loudly calling for lower interest rates, which would make borrowing cheaper for U.S. households and companies and could give the economy a kickstart.

The Fed did cut its main interest rate three times last year and has indicated more cuts may be arriving this year. But it’s been moving slowly enough that Trump has nicknamed Powell “Too Late.”

The Fed has traditionally operated separately from the rest of Washington, making its decisions on interest rates without having to bend to political whims. Such independence, the thinking goes, gives it freedom to make unpopular moves that are necessary for the economy’s long-term health.

Keeping interest rates high, for example, could slow the economy and frustrate politicians looking to please voters. But it could also be the medicine needed to get high inflation under control.

On Wall Street, financial stocks fell to some of the market’s sharpest losses following a separate push by Trump to put a one-year, 10% cap on credit card interest rates. Such a move could eat into profits for credit card companies.

Capital One Financial fell 6%, and American Express lost 4%.

In the bond market, the yield on the 10-year Treasury ticked up to 4.19% from 4.18% late Friday.

In stock markets abroad, indexes rose across much of Europe. Stocks jumped 1.4% in Hong Kong and 1.1% in Shanghai for two of the world’s bigger gains following reports that Chinese leaders were preparing more help for the economy.

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AP Business Writers Matt Ott and Elaine Kurtenbach contributed.