The S&P 500 Index ($SPX) (SPY) today is down -0.25%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.27%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.44%. March E-mini S&P futures (ESH26) are down -0.25%, and March E-mini Nasdaq futures (NQH26) are down -0.40%.
Stock indexes are under pressure and bond yields are climbing today after President Trump said he is nominating Kevin Warsh to be the next Fed Chair. The 10-year T-note yield rose to a 1-week high, gold prices fell to a 1-week low, and the dollar rose as Mr. Warsh, who often emphasized inflation risks as Fed Governor from 2006-2011, is seen as less supportive of deep interest rate cuts. Current Fed Chair Powell’s term ends in May.
