Stock indexes closed lower on Friday, with the S&P 500 down -0.43%, Dow Jones down -0.36%, and Nasdaq down -1.28%. Futures also fell: E-mini S&P down -0.43% and E-mini Nasdaq down -1.35%. Dow hit 1.5-week low after Trump’s Fed Chair nomination, affecting bond yields and gold prices.

US producer prices rose more than expected in December, pushing up PPI final demand and PPI ex food and energy. Mining stocks plunged as precious metals prices fell due to dollar rally after new Fed Chair announcement. Chicago PMI rose to 54.0, beating expectations.

Fed comments were mixed on Friday, with some members cautioning against rate cuts while others suggested further easing. Trump reached a deal with Senate Democrats to avert government shutdown. Q4 earnings season is positive so far, with many S&P 500 companies beating expectations.

Overseas markets were mixed, with Euro Stoxx 50 up but Shanghai Composite down. Interest rates rose slightly, with 10-year T-note yield reaching 1-week high. European bond yields also increased. Eurozone unemployment rate fell unexpectedly, while inflation expectations remained strong.

US stock movers included chip makers and AI infrastructure stocks dropping, mining stocks plunging, and video game stocks falling. Some companies reported weaker revenue forecasts, while others saw gains. Earnings reports for February 2 included companies like Disney and Tyson Foods.

Read more at Nasdaq: Stocks Settle Lower on Weakness in Chip Stocks and Miners