U.S. stock markets dipped on Friday. At the close in New York, the Dow Jones Industrial Average was calculated at 48,892 points, down 0.4 % from the previous trading day. A few minutes earlier, the broader S&P 500 was around 6,939 points, also down 0.4 %, while the technology-focused Nasdaq 100 stood at roughly 25,552 points, a decline of 1.3 %.
Earlier on the day, President Donald Trump announced former Federal Reserve director Kevin Warsh as his nominee for the Fed’s chairmanship. Warsh had recently backed Trump’s call for a quicker easing of policy rates, yet he has reportedly taken inflation concerns seriously and been willing to keep rates higher to combat them. It remains uncertain whether Warsh will secure the necessary votes in the Senate banking committee. Senator Thom Tillis has signaled his opposition to confirming any Fed candidates until the Department of Justice’s investigation into current Chair Jerome Powell is “fully and transparently concluded”. Until that point, Tillis argues that the DOJ’s ongoing criminal inquiries should not be interpreted as evidence of criminal intent, and he stresses that the Fed’s independence from political influence or legal intimidation is non‑negotiable.
Meanwhile, the euro weakened against the dollar. One euro traded at 1.1856 U.S. dollars, putting one dollar at 0.8435 euros on Friday evening.
Gold fell sharply; by evening, a troy ounce sold for 4,844 U.S. dollars, a 10 % drop, which translates to about 131.37 euros per gram.
Oil prices edged higher. At roughly 22:00 Central European Time, a barrel of Brent crude was priced at 69.98 U.S. dollars, up 39 cents-or 0.6 %-from the previous day’s closing level.