The S&P 500 and the tech-heavy Nasdaq Composite fell 0.7% and 0.9%, respectively
Dow, S&P 500, Nasdaq slide after Trump picks Warsh for Fed; gold, silver plunge
-1120252475029447.jpg)
US stocks slid on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and a screeching halt to 2026's roaring metals rally.
The S&P 500 and the tech-heavy Nasdaq Composite fell 0.7% and 0.9%, respectively, pointing to another down session for tech stocks. The Dow Jones Industrial Average dropped 0.9%.
Markets are calculating the potential impact after Trump said he has chosen frontrunner Warsh as the US central bank's next chair. The former Fed governor has a hawkish record on interest rates but has recently voiced support for cuts — which Trump has aggressively campaigned for.
The dollar rose on the prospect of Warsh as the Fed's leader. Meanwhile, gold and silver plunged, putting the brakes on runaway rallies. Gold fell below the $5,000 level, while silver sank as much as 25%.
