Stock indexes are down today after President Trump’s nomination of Kevin Warsh as the next Fed Chair. Bond yields are climbing, with 10-year T-note yield at a 1-week high. Trump’s announcement led to a drop in gold prices and rise in the dollar. Current Fed Chair Powell’s term ends in May.

US producer prices rose more than expected last month, impacting Fed policy. Dec PPI final demand exceeded expectations, with a +0.5% m/m and +3.0% y/y increase. Dec PPI ex food and energy also surpassed estimates with a +0.7% m/m and +3.3% y/y rise.

The US Jan MNI Chicago PMI showed a significant increase of +11.3 to 54.0, beating expectations. President Trump reached a deal with Senate Democrats to avoid a government shutdown, funding Homeland Security for two weeks. Q4 earnings season is positive, with 77% of S&P 500 companies beating expectations.

Stocks of chip makers like KLA Corp and AMD are down, affecting the market. Mining stocks, including Coeur Mining, Hecla Mining, and Barrick Mining, are also in decline. PennyMac Financial Services, Schneider National, and Appfolio Inc are among the top losers today.

On the positive side, Sandisk, Lumentum, Deckers Outdoor, Charter Communications, Verizon Communications, and Air Products and Chemicals are all seeing gains. Earnings reports from companies like Air Products and Chemicals, American Express, and Verizon Communications are expected on 1/30/2026.

Read more at Nasdaq: Stocks Fall as Trump Nominates Warsh for Fed Chair