Catherine Sullivan

Another report showed last month was also the worst January for planned corporate job cuts since 2009.

Among individual companies, Amazon shares dropped over 4% before an earnings report that disappointed investors.

After the bell, the stock continued to fall nearly 9%.

Qualcomm shares sank 8.5% after the chipmaker issued a weak earnings forecast.

Estee Lauder shares tumbled 19% because the company expects a $100 million hit from tariffs.

Shell shares lost over 3% after weaker oil trading performance hit its quarterly profit.

And Arm Holdings shares gained nearly 6% as demand for its artificial intelligence chip designs increased.

Here's your Closing Bell Brief for Friday, January 30th.

I'm Catherine Sullivan for The Wall Street Journal.

U.S.

stocks fell today as investors reacted to a new Federal Reserve pick.

The Nasdaq led the decline with a drop of 0.9%.

The S&P 500 and the Dow were both down about 0.4%.

Precious metals also plummeted after President Trump nominated Kevin Warsh as the next Fed chair.

The dollar and Treasury yields moved higher following the announcement.

Market participants see the former Fed governor as a supporter of tight monetary policy.

The view dampened hopes for aggressive interest rate cuts in the near future.

Among individual companies, Verizon shares jumped 12 percent after the mobile carrier topped revenue expectations.

SanDisk shares rose almost 7 percent after posting quarterly results that beat forecasts.

The data storage company benefited from a positive financial outlook.