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Wall Street ended Friday on a weaker note as risk-off sentiment dominated trading, driven by hotter-than-expected U.S. inflation data, a dramatic sell-off in precious metals, and major political developments surrounding the Federal Reserve. The benchmark S&P 500 fell 0.4% to 6,939.65, the Dow Jones Industrial Average dropped 0.4% to 48,892.47, and the Nasdaq Composite slid 0.9% to 23,461.82, pressured by declines in large-cap technology stocks.
Investor mood darkened after President Donald Trump nominated former Federal Reserve Governor Kevin Warsh as the next Fed chair. While the announcement was widely anticipated, it reignited debate around interest rates and central bank policy. Warsh, who served at the Fed from 2006 to 2011, is viewed as less dovish than markets might have expected, despite aligning recently with Trump’s calls for lower rates. Analysts noted that his history of criticizing ultra-loose monetary policy could reassure investors concerned about the Fed’s independence, helping explain the relatively muted market reaction.
Economic data added to the caution. Core producer price inflation for December surged 0.7% month-over-month and 3.3% year-over-year, both well above expectations. The data reinforced the Federal Reserve’s recent decision to keep interest rates unchanged, underscoring that inflation remains sticky and limiting hopes for near-term rate cuts.
Markets were also rocked by a spectacular reversal in precious metals. After weeks of sharp gains fueled by safe-haven demand, gold, silver, and platinum prices collapsed as investors rushed to lock in profits. Spot gold plunged nearly 10% to around $4,850 an ounce, silver tumbled almost 28% in its worst session on record, and platinum fell more than 18%, marking one of the most dramatic precious metals sell-offs in decades.
Despite Friday’s losses, U.S. stocks still ended January with gains. The S&P 500 rose 1.4% for the month, the Dow gained 1.7%, and the Nasdaq added 0.9%. However, analysts cautioned that February has historically been a weak month for equities, suggesting volatility could persist as investors navigate inflation risks, Fed policy uncertainty, and shifting global dynamics.
