U.S. stock futures moved lower on Friday as investors weighed uncertainty surrounding the next Federal Reserve (Fed) chair against strong corporate earnings. Futures tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq all pointed lower in early trading, signaling a cautious start to the session as markets await a major policy-related announcement from President Donald Trump. E-mini S&P 500 March 2026 futures were lower by 47.25 points, or 0.68%, at 6,945.50 at the latest check. Nasdaq 100 March 2026 futures slid 0.82% to 25,786.25, while Mini Dow March 2026 futures fell 0.64% to 48,856.00 at press time, reflecting broad risk-off sentiment across U.S. equity markets.
The “Warsh Pivot” Pressures Markets
Market focus remains firmly on the Federal Reserve, with Trump set to announce his nominee to replace outgoing Chair Jerome Powell later this morning. Reports suggest former Fed governor Kevin Warsh has emerged as the leading contender following a critical meeting at the White House. Warsh is widely viewed as more hawkish than other candidates, favoring tighter monetary policy and fewer interest rate cuts in 2026. Investors fear a Warsh-led Federal Reserve could maintain restrictive financial conditions for longer, pressuring equity valuations.
Trump has repeatedly criticized Powell’s leadership at the Federal Reserve, most recently referring to him as “Jerome ‘Too Late’ Powell.” The pending announcement brings an end to months of speculation that briefly fueled optimism, pushing the S&P 500 close to the 7,000 level earlier this week before markets retreated on renewed policy concerns.
Gold Slides as Dollar Strengthens
The impact of shifting Fed expectations extended beyond equities. Gold prices tumbled roughly as the U.S. dollar strengthened on reports of Warsh’s growing influence, reflecting expectations for higher interest rates and tighter monetary conditions under a potentially more hawkish Fed leadership.
Apple Delivers a Record Quarter
Adding to the day’s headlines, Apple (AAPL) reported a record fiscal first quarter after the market close. The company posted revenue of $143.8 billion, earnings per share of $2.84, and iPhone sales of $85.3 billion, beating Wall Street estimates across all major metrics.
Apple CEO Tim Cook stated, “iPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment, and Services also achieved an all-time revenue record, up 14 percent from a year ago”.
Macro Uncertainty Overshadows Earnings
While Apple’s results underscored resilient consumer demand, they were not enough to lift sentiment across the Nasdaq, where Apple carries significant weight. Supply chain concerns and the looming Fed decision overshadowed the earnings surprise, reinforcing a cautious tone across markets.
Friday Deadline Could Set the Market Tone
With Trump confirming the Fed chair announcement will come this morning, investors are bracing for a potentially pivotal session. The decision could shape expectations for Federal Reserve policy, interest rates, and risk assets well into 2026, making Friday a key turning point for U.S. markets.
