US stock futures fell on Friday as President Trump said he will nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and tumbling gold.

S&P 500 futures (ES=F) slid roughly 0.4%, while those on the tech-heavy Nasdaq 100 (NQ=F) fell 0.6%, pointing to another down session for tech stocks. Dow Jones Industrial Average futures (YM=F) backed off 0.5%.

Markets are calculating the potential impact after Trump said he has chosen frontrunner Warsh as the US central bank's next chair, in a post to Truth Social on Friday. Former Fed Governor Warsh has a hawkish record on interest rates but has recently voiced support for cuts — which Trump has aggressively campaigned for.

The dollar (DX-Y.NYB) rose on the prospect of Warsh as the Fed's leader, while the 30-year Treasury (^TYX) led gains in yields, up five basis points. Gold (GC=F) and silver (SIL=F) tumbled, putting the brakes on runaway rallies, as the dollar's advance made the precious metals more expensive for many buyers.

In addition, the watch is on for the next trade move from Trump, who threatened to hit Canada aircraft imports with a 50% tariff. The US would also decertify all new jets from the likes of Bombardier (BDRBF), Trump said, claiming Canada has used certification hurdles to effectively ban the sale of US Gulfstream jets. Meanwhile, Mexico is facing new levies after Trump promised to impose new tariffs on countries providing oil to Cuba.

On the earnings front, Apple's (AAPL) shares traded flat in premarket after its results closed out a mixed bag of Big Tech reports for the week. While its quarterly profit topped estimates, fueled by record iPhone sales, its CEO Tim Cook warned the global memory shortage will hit future margins.

Meanwhile, shares in Sandisk (SNDK) surged 20% following upbeat forward guidance from the data storage company. Looking ahead, oil producers are the highlights on Friday's docket with Exxon (XOM) and Chevron (CVX) reports due before the open. Results from American Express (AXP) and Verizon (VZ) are also on deck.

Despite recent volatility, major indexes remain mostly higher for the week. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are each up, while the Dow (^DJI) is slightly down. All the gauges are pacing for January gains.

Opting for a conventional choice to lead the Federal Reserve, President Trump on Friday nominated former Fed governor Kevin Warsh to be the next chair of the central bank and succeed Jerome Powell.

\\"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is 'central casting,' and he will never let you down,\\" Trump said in his announcement, which he posted to Truth Social.

Yahoo Finance's Jennifer Schonberger reports:

Warsh has been highly critical of the Fed, writing in an op-ed in the Wall Street Journal last year that the Fed should “discard its forecast of stagflation” and arguing that it is overlooking that AI will be a “significant” force that will boost productivity and push down inflation.

“He thinks you have to lower interest rates,” Trump said of Warsh recently, citing the president's key litmus test for the role.

Warsh has criticized Powell personally for making “unwise choices,” such as missing the persistence of post-pandemic inflation. Warsh rejects the belief that inflation is caused when the economy grows too fast and workers get paid too much. Rather, he argues inflation is caused when the government spends too much and prints too much money.

Warsh has also said he thinks the Fed should view tariffs as one-off price changes, a view echoed by the White House and many members of the Fed now.

Read more here.

Bloomberg reports:

Global equities are flashing an overbought warning, with moving averages already at levels that historically mark a sell signal for risk assets, according to strategists at Bank of America Corp.

Some 89% of MSCI stock indexes traded above their 50-day and 200-day moving averages in the week ended Jan. 28, a team led by Michael Hartnett wrote in a note. That breached the 88% threshold that they view as a sell signal.

The stretched positioning coincides with investors pulling $15.4 billion from equity funds over the week, the BofA strategists said, underscoring increased caution as stock markets pushed higher. The MSCI World Index hit an all-time high on Jan. 27 and is on track for its strongest month since September.

Read more here.

ExxonMobil (XOM) reported an earnings beat on Friday, as oil giants contend with an oversupply of oil that has helped drive crude prices down. Its stock fell 1.3% in premarket trading

Adjusted earnings per share for the fourth quarter were $1.71, ahead of analyst expectations of $1.68. Revenue of $82.31 billion was also higher than the expected $81.43 billion

Exxon said it reached its highest full-year net production in more than 40 years at 4.7 million oil-equivalent barrels per day.

\\"ExxonMobil is a fundamentally stronger company than it was just a few years ago, and our 2025 results demonstrate that,\\" CEO Darren Woods said. \\"Our transformation is delivering a more resilient, lower-cost, technology-led business with structurally stronger earnings power, grounded in advantaged assets, disciplined capital allocation, and execution excellence.\\"

In 2026, Exxon plans to spend $27 billion to $29 billion in capital expenditures. It spent $29 billion in 2025 on capex.

Listen to the earnings call here at 9:30 a.m. ET.

Deckers (DECK) stock jumped 13% before the bell after the company raised its full-year financial outlook.

Strong gains for Hoka sneakers and Ugg boots drove robust results in the company's fiscal third quarter, it reported on Thursday

For the full year, Deckers expects revenue between $5.40 billion and $5.42 billion, above the consensus estimate of $5.36 billion.

From Investing.com:

The company posted record third-quarter revenue of $1.96 billion, up 7.1% YoY and beating the analyst consensus of $1.87 billion. Adjusted earnings per share reached a record $3.33, increasing 11% from the previous year and substantially surpassing the $2.76 analyst estimate.

HOKA brand sales jumped 18.5% to $628.9 million, while UGG brand revenue grew 4.9% to $1.31 billion. The company’s international business showed particularly strong momentum with sales increasing 15% to $756.7 million, compared to domestic growth of 2.7%.

\\"Deckers produced record revenue and earnings per share in the third quarter, driven by the significant global demand for UGG and HOKA,\\" said Stefano Caroti, President and Chief Executive Officer. \\"Our strategic marketplace management fueled balanced growth in DTC and wholesale, inclusive of continued international momentum as well as healthy growth in the U.S. across both channels.\\"

Read more here.

Yahoo Finance's Hamza Shaban reports:

The transformational power of artificial intelligence is already here. Now, Big Tech companies just have to find the right new hardware to sell.

That's the pitch. Or the catch, really. The wonders of having ChatGPT write your memo or outline your presentation are supercharging the professional world, but it is still a consumer novelty at this point.

And if a key goal of AI is to redefine the human-computer interface — replacing the search engine and even the touch screen — tech companies will have to revolutionize their hardware too.

... Where, then, is the next big device? How about AI-powered smart glasses? It seems this is where many of Silicon Valley's biggest companies have landed so far.

Rather than pivot away from screens that sit in front of your face, tech companies are finding ways to make glasses work. The retread may not be original or be enough to supplant the smartphone.

... Snap announced it will create an independent subsidiary for its augmented reality smart glasses, Specs. The goal is to pull in outside investment and take on Meta, which has carved out turf in the wearables market with the success of its Ray-Ban Meta smart glasses.

Read more here in the takeaway from today's Morning Brief.

From Bloomberg:

Corporate America is sending a gloomy message when it comes to the sustainability of the record run in US stocks.

Wall Street is having a solid start to its earnings season, helping push the S&P 500 Index (^GSPC) to an all-time high this week. Some of the most informed stakeholders, however, appear to be stepping aside.

Almost 1,000 executives at roughly 6,000 US-listed firms have unloaded shares this month, compared with 207 who added, resulting in the highest sell-to-buy ratio in five years, data compiled by the Washington Service show.

While it’s hard to know if any factors other than market performance dictated insiders’ decisions to buy or sell, a cautious stance among corporate leaders — who likely know their businesses best — is a troubling sign with worries already swirling around lofty valuations, soaring AI spending and a blizzard of ominous developments in global affairs.

“The move of corporate insiders has proven to be a powerful signal on forward returns of stocks,” said Joe Gilbert, a portfolio manager at Integrity Asset Management. “Between geopolitical risks and elevated equity valuations, we believe that executives are seeing these risks and using this as an opportunity to harvest gains, which we believe is something that investors should take note of.”

Read more here.

From Bloomberg:

Gold (GC=F) and silver (SIL=F) sold off heavily on Friday, cooling a record-breaking rally, as a report the Trump administration is preparing to nominate Kevin Warsh for Federal Reserve chair boosted the dollar.

Silver plunged more than 16% toward $96 an ounce, while gold fell more than 7% below $5,000, intensifying the wild swings that interrupted record-breaking rallies that had stretched technical indicators. A gauge of the dollar (DX-Y.NYB) rose as much as 0.5%, making precious metals more expensive for most buyers. Platinum (PL=F) tumbled more than 10%.

President Donald Trump is expected to name Warsh as his nomination for Fed chair, Bloomberg News reported. The former Fed governor has a longstanding reputation as an inflation hawk, but has aligned himself with the president in recent months by arguing publicly for lower interest rates. Trump said he would announce his nominee on Friday morning US time.

Gold’s move “validates the cautionary tale of fast-up, fast-down,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. While reports of Warsh’s nomination were a trigger, a correction was overdue, he said. “It’s like one of those excuses markets are waiting for to unwind those parabolic moves.”

Read more here.

From Bloomberg:

The dollar (DX-Y.NYB) rose with Treasury yields after US President Donald Trump was said to be preparing to nominate Kevin Warsh as the next Federal Reserve chair, seen as a relatively hawkish choice.

The greenback gained versus all its major peers, while US 10-year yields (^TNX) climbed three basis points. Trump had settled on Warsh, according to people familiar with the matter, but added that the selection wasn’t final until a formal announcement was made.

“The market perception is that Kevin Warsh would be the relatively more traditional and less dovish option as Fed chair, in which case we might see fewer rate cuts,” said Andrew Ticehurst, a senior strategist at Nomura Australia Ltd. in Sydney.

The market moves are a sign the monthslong uncertainty over the next Fed chief is now getting closer to a resolution. Warsh, a former Fed governor and one of the four finalists on Trump’s shortlist to be the next central bank leader, visited the White House on Thursday, one of the people said.

Betting markets have increasingly favored Warsh, with Polymarket showing his chance of becoming the next Fed chair rising above 80% on Friday in Asia, as support faded for BlackRock Inc. executive Rick Rieder. Flows into interest-rate futures betting on a dovish policy shift had accelerated in recent days as Rieder’s odds moved to the top, with investors viewing him as more dovish than Warsh.

Read more here.

Sandisk (SNDK) stock surged nearly 20% in premarket following its earnings release, adding to its massive 127% rally year to date. The memory chip maker was the best-performing stock in the S&P 500 in 2025.

The company crushed expectations in its fiscal second quarter, as AI companies have had an insatiable demand for memory and storage hardware.

Sandisk said that revenue for its data center business segment jumped 64% over the previous quarter, driven by strong adoption among AI infrastructure builders, semi-custom customers, and technology companies deploying AI at scale.

Here's what Sandisk reported for its fiscal second quarter, compared to estimates compiled by Bloomberg:

Adjusted earnings: $6.20 per share, versus $3.44 estimated

Revenue: $3.03 billion, versus $2.67 billion estimated

Sandisk also raised its revenue guidance for the third quarter to a range of $4.4 billion to $4.8 billion. The Street was expecting revenue of $2.6 billion.

“This quarter's performance underscores our agility in capitalizing on better product mix, accelerating enterprise SSD deployments, and strengthening market demand dynamics, all at a time when the critical role that our products play in powering AI and the world's technology is being recognized,” said Sandisk CEO David Goeckeler.

Bloomberg reports:

Gold (GC=F) fell, following its first drop in nearly two weeks, as the US dollar strengthened after a report the Trump administration is preparing to nominate Kevin Warsh for Federal Reserve chair.

Bullion retreated as much as 4.8% on Friday, having gained as much as 1.4% earlier, continuing the wild swings that interrupted a record-breaking rally in the previous session. A gauge of the dollar rose as much as 0.5%, making precious metals more expensive for most buyers.

President Donald Trump is expected to name Warsh as his nomination for Fed chair, Bloomberg News reported. He has a longstanding reputation as an inflation hawk, but has aligned himself with the president in recent months by arguing publicly for lower interest rates. Trump said he would announce his nominee on Friday morning US time.

Gold’s move “validates the cautionary tale of fast-up, fast-down,” said Christopher Wong, a strategist at Oversea-Chinese Banking Corp. While reports of Warsh’s nomination were a trigger, a correction was overdue, he said. “It’s like one of those excuses markets are waiting for to unwind those parabolic moves,” he said.

Read more here.

Bloomberg reports:

AI startup Perplexity signed a $750 million deal with Microsoft Corp. to use its Azure cloud service, spreading its business beyond longtime cloud partner Amazon.com Inc.

The three-year commitment will let Perplexity deploy AI models through Microsoft’s Foundry service, including those made by OpenAI, Anthropic and xAI, according to people familiar with the deal, who requested anonymity to discuss a private matter.

“We are excited to partner with Microsoft for access to frontier models from X, OpenAI and Anthropic,” a Perplexity spokesperson said.

Perplexity hasn’t shifted spending from Amazon Web Services, long the startup’s main cloud provider, as part of the Microsoft deal, the spokesperson added.

Read more here.