US stocks closed lower on Friday, with the S&P 500 and the Dow Jones down 0.4% and the Nasdaq tumbling 1.3%, as higher Treasury yields and a firmer dollar weighed on risk appetite after President Trump nominated Kevin Warsh to succeed Fed Chair Powell. Markets viewed the pick as reinforcing a more disciplined and cautious easing trajectory, pushing long-end yields higher and pressuring rate-sensitive after January’s strong rally. Materials, technology and communication services underperformed, while healthcare outperformed. Apple rose 0.5% despite solid earnings and resilient iPhone sales, as stretched valuations capped upside, while Visa slipped 2.9% after a largely priced-in earnings beat. ExxonMobil declined 0.7%, Chevron rose 3.3% on a profit beat, and American Express dropped 1.8% following an earnings miss, while Verizon surged 11.8% on stronger guidance. Despite the pullback, the S&P 500 gained 1.2% in January, with the Dow up 1.6% and the Nasdaq advancing 1.1%.
