Chapter 1: What is the main topic discussed in this episode?
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.
Chapter 2: Why did U.S. stocks fall after Trump's Federal Reserve pick?
Among individual companies, Verizon shares jumped 12 percent after the mobile carrier topped revenue expectations.
The company also forecast aggressive growth for the coming year. Decker's outdoor stock rallied 19.5 percent following a strong earnings report. Results exceeded expectations due to high demand for Hoka running shoes.
SanDisk shares rose almost 7 percent after posting quarterly results that beat forecasts. The data storage company benefited from a positive financial outlook. And Chevron shares climbed over 3 percent after its quarterly adjusted earnings topped expectations. The oil company's chief executive also praised the new Federal Reserve nominee.
Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.