Main US indexes end lower; Nasdaq off most, down ~1%
Materials weakest S&amp;P 500 sector; Cons Staples leads gainers
Dollar rallies ~1%; crude gains; bitcoin declines; gold slides ~10%
US 10-Year Treasury yield edges up to ~4.25% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at
US STOCKS GET A MARKDOWN, BUT PRECIOUS METALS SUFFER A MELTDOWN U.S. stocks fell on Friday after President Donald Trump nominated former Fed Governor Kevin Warsh to succeed Jerome Powell to lead the U.S. central bank, a decision that many investors view as hawkish. Fed-critic Warsh is expected to favor lower interest rates while stopping short of the more aggressive monetary easing linked to some other potential nominees.
The U.S. 10-year yield (US10YT=RR) is edging up to around 4.25%, while the U.S. dollar (=USD) is jumping just over 1% for its best day since May of last year.
The Dow (.DJI) dipped about 0.4%, the S&amp;P 500 (.SPX) lost just over 0.4%, and the Nasdaq Composite (.IXIC) fell just over 0.9%.
There was greater weakness in small caps. The Russell 2000 (.RUT) declined about 1.6%.
A majority of S&amp;P 500 sectors finished red with Materials (.SPLRCM) and Tech (.SPLRCT) , both off more than 1%, taking the biggest hits. Consumer Staples (.SPLRCS) and Energy (.SPNY) , both up around 1% or more, led gainers.
Both Staples and Energy notched record closing highs. Precious metals and mining share losses were eye-popping. Gold (XAU=) is tumbling more than 10%, while silver (XAG=) is collapsing just over 28%. It’s gold’s biggest daily drop since 1983, and silver’s biggest daily decline ever. The Philadelphia Gold/Silver Index (.XAU) , an index of precious metals mining stocks, fell nearly 13% for its biggest daily slide since March 2020.
For the week, the SPX rose around 0.3%, the Nasdaq gave back about 0.2%, the Dow lost around 0.4%, and the RUT fell just over 2%. But for all those following the January Barometer, the RUT advanced 5.3% for the month, the Dow rallied 1.7%, the S&amp;P 500 added about 1.4%, and the Nasdaq gained about 1%.
Here is a snapshot of where markets stood just shortly after 4 p.m. ET.
(Terence Gabriel)
<h3>EARLIER ON LIVE MARKETS: WHAT A WARSH FED CHAIR COULD MEAN FOR PORTFOLIOS CLICK HERE ABOUT A THIRD OF THE WAY INTO Q4 EARNINGS SEASON, US PROFIT GROWTH UP 10.9% CLICK HERE INDIVIDUAL INVESTORS FOCUS ON THE ECONOMY AND/OR INFLATION - AAII CLICK HERE</h3>
<h3>HOT PPI JUSTIFIES FED PAUSE, CHICAGO PMI EXPANDS FOR FIRST TIME IN OVER TWO YEARS US STOCKS EASE AS INVESTORS WEIGH NEW FED CHAIR PICK, LATEST EARNINGS CLICK HERE PRECIOUS METALS MINERS SET TO PLUMMET AMID VIOLENT GOLD/SILVER RATIO REVERSAL CLICK HERE</h3>
<h3>CHINA LUXURY: BRAND BY BRAND GOLD OPTIONS HIT CRISIS-ERA LEVELS AS PRICE TANKS CLICK HERE EURO APPRECIATION IS A DOUBLE EDGED SWORD FOR REGION’S STOCKS CLICK HERE EARNINGS LIFT STOXX, BUT MINERS SINK CLICK HERE EUROPE BEFORE THE BELL: POSITIVE EARNINGS SWEETEN THE MOOD CLICK HERE BE CAREFUL WHAT YOU WARSH FOR CLICK HERE</h3>
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<img src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/buzz/byprbwwbepe/Close01302026.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="567" height="697" original-src="https://imageproxy.pbkrs.com/https://fingfx.thomsonreuters.com/gfx/buzz/byprbwwbepe/Close01302026.png"/>
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)

U.S. stocks declined on Friday, with the Nasdaq dropping over 1% after President Trump nominated Kevin Warsh for Fed Chair, a move seen as hawkish. The dollar rose by 1%, while crude oil gained and bitcoin fell. Precious metals suffered significant losses, with gold plummeting over 10% and silver dropping more than 28%, marking their largest daily declines in decades. The S&P 500 and Dow also fell, while Consumer Staples and Energy sectors saw gains. Overall, the market showed mixed results for the week, with small caps particularly weak.

- U.S. stocks fell after President Trump nominated Kevin Warsh for the Fed chair position, with the Nasdaq down over 1%.  
- The U.S. dollar rallied approximately 1%, while gold experienced its largest daily drop since 1983, falling over 10%.  
- The S&P 500 sectors saw greater weakness in Materials and Tech, contrasting with Consumer Staples and Energy, which led the gainers.

LIVE MARKETS-US stocks get a markdown, but precious metals suffer a meltdown