Market Overview - The S&P/TSX composite index decreased by 992.37 points, closing at 32,023.76 [1] - The Dow Jones industrial average fell by 529.07 points to 48,542.49, while the S&P 500 index dropped by 55.96 points to 6,913.05, and the Nasdaq composite declined by 225.71 points to 23,459.41 [2] Gold and Metal Prices - The April gold contract saw a significant decline of US$348.80, settling at US$5,006.00 per ounce, although gold prices have increased by over 70% in the past year [1] - The decline in metal prices is attributed to the announcement of Kevin Warsh as the new U.S. Federal Reserve chair, which strengthened the U.S. dollar and led to a selloff in gold and other metals [2][3] Federal Reserve Influence - The leadership of the Federal Reserve has a substantial impact on the economy and global markets, particularly regarding interest rate decisions that affect investment prices [3] - Concerns exist that President Trump's influence may compromise the Fed's independence, which has historically allowed it to make difficult decisions to address long-term economic issues like inflation [5] Technology Sector Impact - Large technology companies, particularly Microsoft, have contributed to market declines, with Microsoft experiencing a 10% selloff despite reporting stronger-than-expected earnings [6] - Investors are focusing on Microsoft's investment spending rather than its profit and revenue performance, indicating a shift in market sentiment towards tech stocks [6] Currency Exchange - The Canadian dollar traded at 73.69 cents US, a slight decrease from 73.99 cents US the previous day [6] Oil Prices - The March crude oil contract increased by 26 cents, reaching US$65.68 per barrel [7]

Shares of miner Barrick Mining Corporation (NYSE: B), previously known as Barrick Gold, fell 9.8% on Friday as of 12:30 p.m. EDT. Barrick reports earnings next week, and there wasn't any company-specific news today. That means the stock's decline was likely due to the 9% drop in gold prices today as of that time. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » Gold tends to be viewed ...

Core Viewpoint - The article discusses the potential appointment of Kevin Warsh to the Federal Reserve, emphasizing the need for a change in the Fed's approach to economics and monetary policy [1][2]. Group 1: Kevin Warsh's Background and Views - Kevin Warsh, a former Fed governor, is seen as a maverick who advocates for a significant overhaul of the Federal Reserve's operations and policies [1][2]. - Warsh has previously expressed skepticism regarding the Fed's extensive use of its balance sheet, which has expanded to nearly $9 trillion, arguing for a smaller balance sheet approach [3][4]. - His hawkish stance on monetary policy could lead to upward pressure on interest rates, which may not align with the preferences of President Trump [4]. Group 2: Political Dynamics and Support - Trump's support for Warsh is partly influenced by Warsh's family connections to the Lauder family, which has ties to Trump [5]. - The article suggests that Warsh's appointment could lead to a more contentious environment within the Fed, with potential for dissenting opinions on policy decisions [7]. Group 3: Challenges Ahead for the Fed - The current Federal Open Market Committee (FOMC) is characterized by a mix of hawks and doves, making consensus-building a challenging task for the next Fed Chair [8]. - The article notes that the incoming data makes it difficult to assess whether current monetary policy is restrictive, neutral, or otherwise [6].

U.S. President Donald Trump nominated financier and former Federal Reserve governor Kevin Warsh to succeed Jerome Powell as Chair of the country's central bank on Friday, a choice that lands as cryptocurrency markets slide and investors reassess the outlook for interest rates. Announcing the pick on Truth Social, Trump praised Warsh’s credentials and record, calling him a future “GREAT Fed Chairman” and signaling an end to months of public conflict with Powell. The president has repeatedly criticized the ...

ToplinePresident Donald Trump announced Friday his pick for the Federal Reserve chair is Kevin Warsh, a former central bank official-turned-critic and aide to former President George W. Bush with familial ties to a longtime billionaire Republican donor. Warsh has claimed the Federal Reserve’s monetary policy “has been broken for quite a long time.” Copyright 2014 AP. All rights reserved.Key FactsWarsh, 55, earned a law degree from Harvard University in 1995 before becoming a banker at Morgan Stanley, where ...

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U.S. stock futures fell on Friday following Thursday’s mixed close. Futures of major benchmark indices were lower.Meanwhile, President Donald Trump, during an appearance at the premiere for the film “Melania,” on Thursday, said that he will name his pick for the Federal Reserve Chair on Friday. Data from Kalshi, a federally authorized betting platform, shows that over $81.6 million has been bet on the contract "Who will Trump nominate as Fed Chair?" Warsh is currently leading, with 92% probability that he w ...

Economic Outlook - The new Fed chief is focused on lowering interest rates to manage national debt, with $10 trillion needing to roll over in the next year [2][4] - Inflation indicators show gold and copper prices near all-time highs, while the dollar has fallen to a four-year low, suggesting inflation may be rising [2] Federal Reserve and Interest Rates - There is a belief that the Fed's long-standing view that economic growth causes inflation is incorrect, leading to current inflation issues [3] - Concerns are raised about the impact of rising interest rates on government payments, with mortgage rates doubling from 3.5% to 7% [4] Consumer Sentiment and Spending - Despite low consumer sentiment at a 12-year low, consumer spending remains strong, potentially influenced by media coverage [8] - The economic press may negatively affect consumer sentiment, creating a self-fulfilling prophecy [9] State Taxation and Migration - New York City is facing a fiscal crisis, with a proposed tax increase on the top 1% to address a $12 billion budget gap [10] - New York State saw only 1,080 new residents added last year, with a significant outflow of residents, indicating a trend of migration away from high-tax areas [11][12] Technological Change and Labor Markets - Concerns are raised about government intervention in response to AI disruptions in labor markets, emphasizing that disruption does not equate to destruction [16] - Historical context shows that technological advancements have led to increased productivity without resulting in mass unemployment, but the speed of change with AI is a new challenge [17][19]

President Trump plans to announce on Friday that he will name Kevin Warsh, the former Federal Reserve governor, replace Jerome Powell as Federal Reserve chair, The Post has learned.After meeting on Thursday with Warsh, a former Fed governor and Stanford University professor, Trump later called Warsh and asked him if he would accept the position — and he did, sources tell The Post.Rick Reider, a top executive at giant money manager BlackRock emerged as a top candidate in recent days. But Reider on Thursday w ...

The president making a number of major headlines at this hour, including threatening tariffs on countries selling oil to Cuba. I want to bring back NBC's Peter Alexander. Peter, I know you're tracking all these new headlines.What have we learned when it comes to Cuba first. Well, let's start with that topic of Cuba, Tom, and notably the president here escalating pressure on Cuba, that communist island right now. Significant because what he's what he's discussing doing is now putting tariffs on countries tha ...