Stocks Slip as Investors Weigh Fed Change and Earnings

Stock futures moved lower Friday after recent market losses, but pared some of those declines after President Donald Trump named Kevin Warsh as the next Federal Reserve chair.

Meanwhile, gold and silver fell sharply, though both metals remain significantly higher over the past year.

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Major Indexes: S&P 500 lower, Nasdaq lower, Dow lower, Russell 2000 lower

Leading Sectors: Consumer Staples

Lagging Sectors: Materials, Industrial, Technology, Energy, Financial

Apple (AAPL): Apple reported very strong quarterly results, driven by big sales of its latest iPhone models. Earnings and revenue both beat Wall Street expectations, and iPhone sales jumped sharply year over year. Despite the strong report, the stock moved lower as investors reacted cautiously.

Chevron (CVX): Chevron posted better-than-expected earnings thanks to record oil production. However, revenue came in below forecasts, which put some pressure on the stock despite the earnings beat.

Sandisk (SNDK): Sandisk impressed investors by delivering strong quarterly results and issuing guidance far above expectations. Management expects much higher future earnings than analysts had projected, signaling strong demand for its storage products.

Visa (V): Visa reported solid earnings and revenue growth, supported by higher payment volumes and increased cross-border spending. Even with the strong performance, the stock edged lower as results were largely in line with expectations.

Western Digital (WDC): Western Digital gained after issuing an upbeat outlook for the next quarter. The company expects higher earnings and revenue than analysts had forecast, pointing to improving conditions in the data storage market.

Deckers Outdoor (DECK): Deckers shares jumped after the company issued a long-term outlook that exceeded Wall Street expectations. Strong demand for brands like Ugg and Hoka supported higher projected earnings and sales.

Verizon (VZ): Verizon reported quarterly earnings and revenue above analyst estimates and also raised its full-year profit outlook. The results suggest improving performance in its core telecom business.

Exxon Mobil (XOM): Exxon beat earnings and revenue expectations for the quarter, but lower oil prices weighed on overall performance. Investors focused on softer energy pricing despite the earnings beat.

SoFi Technologies (SOFI): SoFi posted record revenue and strong profitability, along with solid growth in members and products. The company also issued upbeat guidance for the coming year.

American Express (AXP): American Express raised its quarterly dividend and issued a confident profit outlook for the year ahead. Quarterly results were mixed, with revenue beating expectations but earnings slightly below estimates.

Charter Communications (CHTR): Charter reported lower revenue and earnings compared with last year and missed expectations. The company also reported a decline in total internet customers, raising concerns about subscriber growth.

Stryker (SYK): Stryker delivered better-than-expected earnings and revenue for the quarter. The results showed steady demand for its medical devices and continued operational strength.

KLA Corp. (KLAC): KLA shares fell after the company issued a mixed earnings outlook for the upcoming quarter. While revenue guidance was close to expectations, projected earnings introduced uncertainty for investors.

Eastman Chemical (EMN): Eastman Chemical reported lower year-over-year earnings and revenue but still beat profit expectations. The company highlighted strong cash flow and meaningful cost savings efforts.

ResMed (RMD): ResMed reported strong earnings and revenue growth, driven by higher sales and improved margins. The company also announced a quarterly dividend, reflecting confidence in its financial position.

Canadian National Railway (CNI): Canadian National Railway reported quarterly and full-year results, raised its dividend, and announced a new share buyback program. The company also provided guidance for the upcoming year.

LyondellBasell (LYB): LyondellBasell reported an adjusted loss for the quarter, missing earnings expectations, though revenue came in better than forecast. The company also expanded its cost-cutting targets as it works to improve profitability.

(Stocks showing elevated volume and notable price movement)

Gainers: LUV, VIAV, META, BIPC, STX, AVT, SYY, PTRN, CGON

Losers: LC, LVS, KVYO, HUBS, ABT, CVLT, HUM, PAR, PINS, MMYT, CEG, MNDY, FIG

Disclaimer: This newsletter is for informational purposes only and does not constitute investment advice. Readers should conduct their own research and consider consulting a financial professional before making investment decisions.