U.S. Dow futures declined on Friday as investors considered the implications of Kevin Warsh’s potential appointment as the new chairman of the U.S. Federal Reserve. The company demonstrated strong quarterly iPhone sales and optimistic forecasts, while other indices pulled back from their record highs. The likelihood of a U.S. government shutdown appears to have been averted.

Apple surpassed profit and revenue expectations for the holiday quarter, marking its fiscal first quarter, and experienced its strongest quarterly iPhone sales growth in more than four years. iPhone sales surged 23.3% year-on-year to $85.27 billion, representing the most significant increase since the fourth quarter of 2021. Consumers have shown a strong preference for the company’s latest iPhone 17 models, particularly the premium Pro variants, enabling Apple to capture a dominant 20% of the global smartphone market share in 2025, an increase from 18% in 2024. The technology behemoth has projected revenue growth exceeding expectations, reaching as high as 16% for the March quarter, driven by robust demand for its iPhones, a significant recovery in China, and increasing demand in India. The company has projected operating expenses in the range of $18.4 billion to $18.7 billion, indicating a slight increase compared to expenditures in the first quarter. Despite the impressive figures, Apple, along with various other smartphone manufacturers, is contending with challenges related to memory chip shortages that are impacting iPhone production. We are presently facing limitations. At this juncture, predicting the equilibrium of supply and demand remains challenging. CEO Tim Cook noted a reduction in supply chain flexibility compared to typical conditions, attributing this partly to the heightened demand previously mentioned.

U.S. stock futures declined on Friday as investors adopted a risk-averse stance in response to the announcement that U.S. President Donald Trump is expected to reveal his nomination for the new Fed chair later in the session. At 03:25, the futures traded 55 points, or 0.8% lower; futures dropped 240 points, or 0.9%; and Dow futures fell 400 points, or 0.8%. The primary indices exhibited a mixed performance on Thursday, as the S&P 500 and the technology-focused NASDAQ Composite experienced declines, primarily influenced by losses from the technology behemoth Microsoft following its earnings report. The rose slightly. Week to date, the S&P 500 and Nasdaq have each increased by approximately 0.8%, whereas the DJIA has experienced a decline of nearly 0.1% for the week. In addition to the developments surrounding a prospective new Federal Reserve chair and the avoidance of a government shutdown, investors will have the opportunity to analyze further corporate earnings following reports from several major technology firms throughout the week. Exxon Mobil, Chevron, American Express, Verizon, Regeneron Pharmaceuticals, and Aon are set to release their earnings reports on Friday.

U.S. President Donald Trump declared late Thursday his intention to announce his nomination for the position of chairman of the Federal Reserve, specifically mentioning Powell during this session. Concurrently, speculation is intensifying regarding the potential nomination of former Federal Reserve governor Kevin Warsh. “Many individuals believe that this is a person who might have been present a few years prior,” Trump stated. “It will be an individual who commands significant respect, someone recognized by all within the financial sector.” These remarks suggest a connection to Warsh, considering that the former Fed governor was passed over by Powell for the leading position at the Fed in 2017, during Trump’s initial presidential term. Additionally, it has been reported that Warsh visited the White House for a meeting on Thursday, while reports indicate that the Trump administration was preparing to nominate Warsh as the next Fed chair. Warsh is perceived as a proponent of lower interest rates, a perspective that aligns more closely with Trump’s views over the past year. However, he is also regarded as one of the more moderate options among the various candidates publicly suggested for the role. Trump has repeatedly expressed his discontent with the current Fed Chair, Jerome Powell, for failing to implement the aggressive interest rate cuts he has called for. However, this raised apprehensions regarding the autonomy of the central bank—apprehensions that intensified earlier in January when Powell asserted that a criminal inquiry into the central bank’s renovation initiative was driven by political motives.

A consensus to prevent the most recent U.S. government shutdown was achieved late Thursday, following negotiations between the White House and Senate Democrats, resulting in an agreement to move forward with a significant package of spending bills. The agreement stipulates the separation of the Department of Homeland Security spending bill from the overall package, providing funding for that agency at current levels for a duration of two weeks. Saturday marked the deadline for the passage of five spending bills essential for funding a significant portion of the government, thereby preventing another shutdown, following the Trump administration’s experience of a 43-day shutdown in the previous fall. Democrats previously declined to support funding for the Department of Homeland Security unless it encompassed reforms for federal agents engaged in Donald Trump’s mass deportation initiative. The agreement is perceived as a strategic maneuver to allow for additional discussions regarding the Democrats’ requests for modifications to immigration enforcement, following the tragic deaths of U.S. citizens Alex Pretti and Renee Good in Minneapolis.

Gold prices experienced a significant decline, pulling back from historic highs in response to the announcement that President Trump is poised to reveal his nominee for the upcoming Federal Reserve Chair later today. Warsh, the emerging frontrunner for the position, is perceived as less dovish compared to other possible contenders, leading to a rebound in the U.S. dollar, which adversely affected commodities priced in the currency. Spot gold experienced a decline of 3.1%, settling at $5,184.26 per ounce, whereas gold futures for April decreased by 4.1%, reaching $5,151.24 per ounce. Prices have increased by over 20% in January, on track for a sixth consecutive monthly gain and marking the most significant monthly rise since 1982. Other precious metals experienced a decline on Friday following significant fluctuations throughout the week. Spot silver decreased by 7.3% to $106.073 per ounce, falling from a record high reached on Thursday, while spot platinum fell by 8.5% to $2,394.98 per ounce. Oil prices experienced a decline following a three-day rally; however, they remained poised for significant weekly gains as traders concentrated on the possibility of U.S. military intervention in Iran. Brent futures declined by 1.8%, settling at $68.36 per barrel, while U.S. West Texas Intermediate crude futures also decreased by 1.8%, reaching $64.24 per barrel. Both benchmarks were positioned to achieve an increase exceeding 5% this week. The Organization of Petroleum Exporting Countries and allies, referred to as OPEC+, is scheduled to convene on Sunday, with recent reports suggesting that the cartel is expected to maintain its current output levels. The cartel increased oil production by approximately 2.9 million barrels per day through 2025, a decision that significantly impacted oil prices. However, it subsequently halted its monthly increases starting in January due to escalating worries regarding an oversupply of oil and declining global demand.