President Trump nominates Kevin Warsh for Fed chair, top takeaways from Apple's big earnings beat

Group 1: Federal Reserve Nomination - President Trump has nominated Kevin Worsh as the next chairman of the Federal Reserve, who is known for his hawkish stance on interest rates and has previously served as a Fed governor [6][7][8] - Worsh's confirmation process in the Senate may face challenges due to a criminal investigation into current chair Jay Powell, which could delay his appointment [12][13] - Worsh believes that the Fed should lower interest rates, arguing that productivity gains from AI will help reduce inflation [11][24] Group 2: Market Reactions - Following the nomination of Worsh, stock futures indicated declines, with Dow futures down more than 250 points and S&P futures pointing to a drop of half a percent [4][20] - The dollar showed some strength, which is seen as a positive sign for stocks, despite concerns over inflation data [22][23] - Gold and silver prices have recently plunged after a significant rise, indicating a speculative correction in the metals market [27][29] Group 3: Apple Inc. Earnings - Apple reported record iPhone sales, with revenue climbing 23% year-over-year to over $85 billion, surpassing expectations [32][34] - Despite strong sales, Apple faces supply chain challenges, particularly with memory chips, which could impact margins in future quarters [35][36] - The company is also exploring AI partnerships, including a recent acquisition, to enhance its technological capabilities [41][43]