US stocks fell on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, causing the S&P 500 to slide 0.2% and the Nasdaq Composite to fall 0.3%. The dollar rose in response to the news, impacting gold and silver prices. The Dow Jones Industrial Average dipped below the flat line. Markets are awaiting Trump’s next trade moves, including potential tariffs on Canada and Mexico. Meanwhile, tech stocks faced another down session.

Amid market volatility, Sandisk shares surged over 20% after positive forward guidance. Focus shifts to upcoming reports from Exxon and Chevron. Apple’s quarterly profit beat estimates, but the stock fell 2% due to concerns about global memory shortages. Additionally, American Express and Verizon will report earnings. Despite recent turbulence, major indexes are on track for January gains.

President Trump nominated Kevin Warsh as the next Fed chair, a move expected to impact interest rates. Warsh has a hawkish record but recently supported rate cuts. His nomination was announced on Truth Social. Warsh has criticized the Fed’s inflation forecast and advocated for lower rates. The dollar rose on the news, impacting Treasury yields and precious metals.

Corporate insiders are selling shares amid record stock highs. Nearly 1,000 executives at US-listed companies have sold shares this month. This trend, with the highest sell-to-buy ratio in five years, signals caution among corporate leaders. Insiders’ decisions are seen as a potential indicator of future stock performance.

Gold and silver prices plunged on Friday, cooling a recent rally. Silver fell over 16% while gold dropped over 7%. The dollar’s rise, fueled by reports of Warsh’s nomination as Fed chair, made precious metals more expensive for buyers. Platinum also tumbled. The market reacted to the news of Warsh potentially leading the Fed.

The dollar strengthened alongside Treasury yields amid reports that Trump will nominate Kevin Warsh for Fed chair. Warsh is viewed as a hawkish choice, potentially signaling fewer rate cuts. Betting markets favor Warsh’s nomination. The market anticipates a resolution to the uncertainty over the next Fed chief. Warsh visited the White House on Thursday.

Sandisk stock surged nearly 20% in premarket trading following an earnings beat. The memory chip maker’s stock has rallied over 127% year-to-date, making it the best-performing S&P 500 stock in 2025. Sandisk reported strong revenue growth driven by AI demand and raised its guidance for the third quarter. CEO David Goeckeler highlighted the company’s role in powering AI technology.

Gold ended its record rally as the dollar stabilized following reports of Warsh’s Fed nomination. The precious metal saw wild swings, with silver falling over 16%. Gold’s correction was triggered by the news of Warsh potentially leading the Fed. The market reacted to the appointment news, impacting metals prices.

Read more at Yahoo Finance: Dow, S&P 500, Nasdaq fall as Wall Street digests Warsh as Trump’s Fed pick