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Stocks headed lower on Friday as technology shares continued to be in a funk, even as investors largely approved of President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve. The S&P 500 looked to squeak out a January gain, despite Friday’s losses.
The Dow Jones Industrials floundered 121.52 points to begin the week’s last session at 48.950.05.
The much-broader index skidded 10.87 points to 6,958.14.
The NASDAQ lost 38.93 points to 23,646.20.
Despite Friday’s weakness, the major averages were headed for a positive month. The S&P 500, Dow Jones Industrial Average and NASDAQ were all up more than 1% for January.
Apple shares inched lower even after the company beat fiscal first-quarter earnings and revenue expectations, aided by a significant surge in iPhone sales.
Data storage stock Sandisk popped 22% on the back of strong guidance. KLA Corp lost 8% after guidance for non-GAAP gross margin in the fiscal third quarter came in light.
Warsh’s selection was likely to ease concern about Fed independence because of his experience as a Fed governor and strong stance at times against inflation.
While he is likely to push for lower rates in short term as Trump wants, the financial markets view him as someone who wouldn’t always follow the president’s direction and maintain credibility for monetary policy.
Prices for the 10-year Treasury dipped a bit Friday, raising yields to 4.25% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices tacked on 20 cents to $65.62 U.S. a barrel.
Gold prices staggered $318.40 to $5000.00 U.S. an ounce.
