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Investing.com -- U.S. stocks fell Friday, as investors digested the news that President Donald Trump has nominated Kevin Warsh to be the next Federal Reserve chairman along with more heavyweight corporate earnings.. 

At 09:45 ET (14:45 GMT), the Dow Jones Industrial Average fell 140 points, or 0.3%, the S&P 500 index dropped 22 points, or 0.3%, and the NASDAQ Composite slipped 90 points, or 0.4%.

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Warsh nominated for Fed chair role

Trump has nominated former Fed governor Kevin Warsh for the role of chairman of the Federal Reserve, potentially starting in May when the role is vacated by current chair, Jerome Powell.

In his post on Truth Social announcing Warsh’s nomination, Trump outlined the reasons why Warsh’s past experience will equip him to be a "GREAT" chairman.

"He has conducted extensive research in the field of Economics and Finance," Trump wrote, crediting Warsh for issuing an independent report to the Bank of England "proposing reforms in the conduct of Monetary Policy in the United Kingdom".

He also noted Warsh’s previous tenure in the Federal Reserve, last time as a member of the Fed’s board of governors between 2006 and 2011. 

Warsh -- who had lost out to current Chair Jerome Powell for the post in 2017 -- has largely aligned himself with Trump’s calls for lower rates in the past year, but was a long-time critic of the ultra-loose monetary policy pursued by the Fed since the financial crisis, including the central bank’s expanded balance sheet.

"Warsh is a net negative for markets given his extremely hawkish comments in the past about QE and his desire to implement a ’regime change’ at the Fed," said analysts at Vital Knowledge, with a note. "It’s not clear what exactly ’regime change’ means, but there has NOT been the same type of clamoring in markets for a wholesale, revolutionary shift in the Fed as there has been at the White House, and investors are nervous about too much tinkering."

This nomination is set to clear out a major point of uncertainty for Wall Street, as investors fret over the long-term trajectory of lending rates in the country.

But Warsh’s potential nomination also comes amid heightened concerns over the Fed’s independence, especially amid growing calls from the White House that the central bank cut rates aggressively. 

Additionally, Trump publicly endorsed a bipartisan spending deal negotiated by Senate Republicans and Democrats that would avert a looming government shutdown, posting support on Truth Social and urging cooperation.

The compromise would fund most federal agencies while leaving contentious immigration issues for further negotiation.

Reports said Democrat and Republican leaders had also agreed to the deal, although it remained unclear when Congress will vote on the matter. Lawmakers have until midnight, Friday, to release more spending for the federal government. 

Apple’s iPhone sales beat expectations

In the corporate sector, there are more earnings from the likes of Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), American Express (NYSE:AXP), Verizon (NYSE:VZ), Regeneron Pharmaceuticals (F:REGN) and Aon (NYSE:AON) due later in the session.

After the close Thursday, Apple (NASDAQ:AAPL) comfortably beat profit and revenue expectations for the holiday quarter, its fiscal first quarter, enjoying its best quarterly iPhone sales growth performance in over four years.

iPhone sales jumped 23.3% year-on-year to $85.27 billion, marking the biggest increase since the fourth quarter of 2021.

The tech giant also forecast higher-than-expected revenue growth of up to 16% for the March quarter, powered by strong demand for its iPhones and a sharp rebound in China and accelerating demand in India.

Still, Apple’s shares slipped over 1% lower as sales in other parts of the company were less positive.

Wearables and accessories, which include things like the Apple Watch and AirPods, fell by roughly 3%. Sales of Mac computers were down by just over 7%.

Elsewhere, Verizon (NYSE:VZ) stock rose after the telecoms giant reported fourth-quarter earnings and revenue that exceeded expectations, while providing an upbeat outlook for 2026 that signals the beginning of a strategic turnaround. 

SanDisk (NASDAQ:SNDK) shares surged after the storage-chip maker delivered a significant profit beat and raised guidance, as demand for data-center and AI-related memory products outpaced forecasts.

Chevron (NYSE:CVX) stock rose after its oil major’s fourth-quarter profits fell but came in ahead of estimates as it focused on cutting costs and making its operations more efficient to contend with lower crude prices throughout 2025.

Regeneron Pharmaceuticals (F:REGN) stock dropped after the U.S. drugmaker’s fourth-quarter earnings fell, even though it was helped by strong demand for its eczema treatment, Dupixent. 

Visa (NYSE:V) stock slipped lower despite the credit card company beating first-quarter earnings and revenue expectations, as some investors reacted to a shortfall in total transactions processed and persistent caution around broader consumer spending trends.

Gold falls sharply lower

Gold prices fell sharply Friday, retreating from record levels following the news that President Trump has nominated Warsh for the next Federal Reserve Chair later in the day.

Warsh s seen as less dovish than other potential candidates, and this resulted in the U.S. dollar bouncing, to the detriment of commodities denominated in the greenback. 

Spot gold slid 5.2% to $5,091.77 an ounce, after earlier briefly dropping below $5,000/oz, while gold futures for April fell 4.2% to $5,112.90/oz.  

That said, prices have risen more than 16% so far in January, heading for a sixth straight monthly gain and the largest monthly advance since 1982.

Other precious metals also cooled on Friday after logging wild swings this week. Spot silver slid 12% to $100.083/oz, tumbling from a Thursday record high, while spot platinum slid 12% to $2,288.25/oz. 

Oil prices edged higher, bouncing after earlier losses, and adding to a three-day rally, on track for hefty weekly gains as traders focused on potential U.S. military action against Iran. 

Brent futures slipped 0.5% to $69.94 a barrel, and U.S. West Texas Intermediate crude futures rose 0.5% to $65.77 a barrel.

Both benchmarks were set to gain over 7% this week.

The Organization of Petroleum Exporting Countries and allies, known as OPEC+, is set to meet on Sunday, with recent reports indicating that the cartel is likely to keep its output unchanged.

Ambar Warrick and Ayushman Ojha contributed to this report

Investing.com – Norway stocks were higher after the close on Friday, as gains in the Healthcare Equipment & Services, Pharma Biotech & Life Sciences and Utilities sectors led shares higher.

At the close in Oslo, the Oslo OBX gained 0.22% to hit a new all time high.

The best performers of the session on the Oslo OBX were Frontline Ltd (OL:FRO), which rose 3.00% or 8.00 points to trade at 274.50 at the close. Meanwhile, Cmb.Tech NV (OL:CMBT) added 2.95% or 3.60 points to end at 125.60 and Hoegh Autoliners ASA (OL:HAUTO) was up 2.67% or 2.80 points to 107.70 in late trade.

The worst performers of the session were Norsk Hydro ASA (OL:NHY), which fell 2.71% or 2.40 points to trade at 86.32 at the close. Tomra Systems ASA (OL:TOM) declined 1.61% or 2.10 points to end at 128.10 and TGS NOPEC Geophysical Company ASA (OL:TGS) was down 1.46% or 1.50 points to 101.00.

Rising stocks outnumbered declining ones on the Oslo Stock Exchange by 159 to 92 and 29 ended unchanged.

Shares in Frontline Ltd (OL:FRO) rose to 52-week highs; up 3.00% or 8.00 to 274.50. Shares in Cmb.Tech NV (OL:CMBT) rose to 52-week highs; up 2.95% or 3.60 to 125.60.

Crude oil for March delivery was up 0.29% or 0.19 to $65.61 a barrel. Elsewhere in commodities trading, Brent oil for delivery in April rose 0.32% or 0.22 to hit $69.81 a barrel, while the April Gold Futures contract fell 5.17% or 276.99 to trade at $5,077.81 a troy ounce.

EUR/NOK was up 0.14% to 11.42, while USD/NOK rose 0.75% to 9.60.

The US Dollar Index Futures was up 0.53% at 96.65.

Investing.com – Israel stocks were higher after the close on Friday, as gains in the Financials, Insurance and Banking sectors led shares higher.

At the close in Tel Aviv, the TA 35 added 0.62%.

The best performers of the session on the TA 35 were Tower Semiconductor Ltd (TASE:TSEM), which rose 3.64% or 1,480.00 points to trade at 42,140.00 at the close. Meanwhile, Nova (TASE:NVMI) added 3.49% or 5,200.00 points to end at 154,000.00 and Harel (TASE:HARL) was up 3.41% or 470.00 points to 14,270.00 in late trade.

The worst performers of the session were Next Vision Stabilized Systems (TASE:NXSN), which fell 4.81% or 1,410.00 points to trade at 27,890.00 at the close. Enlight Renewable Energy Ltd (TASE:ENLT) declined 2.76% or 500.00 points to end at 17,610.00 and Elbit Systems Ltd (TASE:ESLT) was down 2.20% or 4,950.00 points to 219,800.00.

Falling stocks outnumbered advancing ones on the Tel Aviv Stock Exchange by 263 to 184 and 101 ended unchanged.

Shares in Tower Semiconductor Ltd (TASE:TSEM) rose to 5-year highs; gaining 3.64% or 1,480.00 to 42,140.00. Shares in Nova (TASE:NVMI) rose to all time highs; up 3.49% or 5,200.00 to 154,000.00.

Crude oil for March delivery was up 0.14% or 0.09 to $65.51 a barrel. Elsewhere in commodities trading, Brent oil for delivery in April rose 0.19% or 0.13 to hit $69.72 a barrel, while the April Gold Futures contract fell 5.33% or 285.49 to trade at $5,069.31 a troy ounce.

USD/ILS was up 0.65% to 3.09, while EUR/ILS unchanged 0.10% to 3.68.

The US Dollar Index Futures was up 0.53% at 96.65.

Investing.com – Greece stocks were lower after the close on Friday, as losses in the Telecoms, Household and Basic Resources sectors led shares lower.

At the close in Athens, the Athens General Composite declined 0.85%.

The best performers of the session on the Athens General Composite were Fourlis Hld (AT:FRLr), which rose 3.76% or 0.16 points to trade at 4.41 at the close. Meanwhile, Alumil (AT:ALMr) added 3.68% or 0.20 points to end at 5.64 and Ilyda SA Class R (AT:ILYr) was up 3.01% or 0.15 points to 5.14 in late trade.

The worst performers of the session were Elvalhalcor Hellenic Copper and Aluminium Industry SA (AT:ELHA), which fell 3.74% or 0.18 points to trade at 4.63 at the close. Titan Cement International SA (AT:TITCr) declined 3.57% or 2.10 points to end at 56.70 and Lavipharm SA (AT:LPHr) was down 2.76% or 0.03 points to 1.20.

Falling stocks outnumbered advancing ones on the Athens Stock Exchange by 79 to 39 and 17 ended unchanged.

Gold Futures for April delivery was down 4.93% or 264.16 to $5,090.64 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in March unchanged 0.00% or 0.00 to hit $65.42 a barrel, while the April Brent oil contract rose 0.03% or 0.02 to trade at $69.61 a barrel.

EUR/USD was down 0.66% to 1.19, while EUR/GBP unchanged 0.03% to 0.87.

The US Dollar Index Futures was up 0.55% at 96.67.

Investing.com -- Large AI buyers are rethinking infrastructure decisions as models shift from experimentation to mass-market production, a transition that investors say is redefining the economics that govern the sector. 

In comments to Investing.com, Natalie Hwang, founding managing partner of Apeira Capital, said the industry is entering a period where “the economics of running intelligence at scale,” not model size, will determine competitive advantage.

Hwang believes inference is becoming the dominant cost driver, forcing companies to reassess how they scale. 

“Training costs tend to be episodic and front-loaded, whereas inference introduces a continuous operating expense that scales directly with usage,” Hwang commented. “For companies targeting mass-market deployment, this shifts the focus from headline model capability to unit economics — cost per inference, power efficiency, and system utilization.”

She added that companies dependent on inefficient deployment architectures may see operating costs rise faster than revenue, with teams that design around inference economics early, optimizing for power, latency, and total cost of ownership, seen as better positioned to scale sustainably rather than simply scale quickly.

Furthermore, power availability is a key determinant of where AI infrastructure is built. 

Hwang feels that location is increasingly important “not for proximity to users alone, but for proximity to power,” warning that regions with constrained grids, slow permitting, or high energy costs could face structural challenges.

“Over time, we expect infrastructure decisions to be shaped as much by energy availability and deployment feasibility as by network connectivity or real estate considerations,” Hwang remarked.

The investor said the companies best positioned for this transition are those treating AI as an operating system and designing around deployment constraints early, including power, cost, latency, and reliability. 

“What increasingly matters is whether the system can operate efficiently and predictably under real-world conditions,” Hwang said.

This period is described as the industrialization of AI, where physical limits and unit economics will dictate capital allocation and defensibility. 

“This shift is reorganizing capital allocation and competitive advantage,” she said, noting that many of these forces are not yet reflected in market expectations.