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On Friday, US stocks declined slightly, with the S&P 500 and the Dow Jones both decreasing by 0.2%, while the Nasdaq dropped by 0.3%. This downward trend followed President Trump's nomination of Kevin Warsh to succeed Fed Chair Powell. Investors perceived Warsh as a more hawkish choice who may favor maintaining lower interest rates, albeit with less intensity than other potential nominees. The sectors that underperformed included materials, communication services, and technology, whereas healthcare showed stronger performance.
Despite Apple reporting robust quarterly results and increased iPhone sales, its shares fell by 1.2%. Visa shares also declined, down by 1%, even after surpassing earnings and revenue forecasts. ExxonMobil experienced a 0.8% decline, while American Express saw a more significant drop of 3.1% following an earnings shortfall. Conversely, Chevron's shares increased by 0.5% after exceeding profit expectations, and Verizon enjoyed a surge of 6.6% due to strong results. Despite this retreat on Friday, the S&P 500 has risen by 1.8% for the month of January to date, with the Dow gaining 2.1% and the Nasdaq increasing by 1.9%.
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