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Quick Summary
US stock markets closed lower, led by a sharp tech sell-off
Gold and silver collapsed, snapping months-long rallies
Markets reacted to Trump naming Kevin Warsh as Fed chair, reducing rate-cut expectations
Apple beat earnings, but couldn’t offset weakness across semiconductors and AI stocks
Market Snapshot
Dow Jones Industrial Average: -0.36% to 48,892.47
S&P 500: -0.43% to 6,939.03
Nasdaq Composite: -0.90% to 23,461.82
Tech-heavy Nasdaq led losses as investors continued to unwind crowded AI and semiconductor trades.
What Drove the Sell-Off
1️⃣ Tech Earnings Disappointment
While Apple posted a solid earnings beat, it failed to lift sentiment after:
Weak reactions to Microsoft results earlier in the week
Poorly received earnings from Western Digital
Major tech decliners included:
Western Digital: -10.1%
Seagate Technology: -8.7%
AMD: -6.1%
Micron Technology: -4.8%
Intel: -4.5%
Palantir: -3.5%
Microsoft extended losses with another -0.8%, following a 10% plunge on Thursday.
2️⃣ Precious Metals Collapse
After months of record highs, gold and silver plunged violently:
Gold futures: -11.6% to US$4,700/oz
Silver futures: -35.3% to US$74/oz
The trigger: President Donald Trump nominating Kevin Warsh to replace Jerome Powell.
Markets see Warsh as less aggressive on rate cuts, boosting the US dollar and reducing demand for inflation hedges like precious metals.
Crypto: Volatile but Mixed
Cryptocurrencies initially sold off with metals, then stabilised:
Bitcoin: +0.4% to US$84,258
Ethereum: -3.3% to US$2,703
Solana: +0.6%
Ripple: -2.8%
Magnificent Seven Performance
Decliners:
Meta Platforms: -3.0%
Amazon: -1.0%
Microsoft: -0.7%
NVIDIA: -0.7%
Alphabet: -0.1%
Gainers:
Apple: +0.5%
Tesla: +3.3% (on speculation of a SpaceX–xAI tie-up)
Notable Movers
Top Gainers
Verizon +11.8% (strong earnings)
SanDisk +6.9% (earnings beat, strong guidance)
Top Losers
Unity Software -24.2% (AI competition fears)
Crypto-related stocks broadly lower on risk-off sentiment
Bottom Line
Friday’s sell-off marked a sharp regime shift.
With Kevin Warsh’s Fed appointment resetting rate expectations, markets rapidly unwound:
High-duration tech trades
Inflation hedges like gold and silver
Speculative crypto exposure
The focus now shifts to tighter liquidity, fewer rate cuts, and higher volatility — a very different backdrop from the easy-money rally investors had grown used to.
Key Takeaways
Tech stocks remain vulnerable after earnings
Gold and silver no longer one-way trades
Fed leadership now a dominant market driver
Volatility likely to stay elevated
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