Stocks Settle Lower on Weakness in Chip Stocks and Miners

The S&P 500 Index ($SPX) (SPY) on Friday closed down -0.43%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.28%.  March E-mini S&P futures (ESH26) fell -0.43%, and March E-mini Nasdaq futures (NQH26) fell -1.35%.

Stock indexes moved lower on Friday, with the Dow Jones Industrials falling to a 1.5-week low 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 plunged to a 1.5-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.