Big Tech Stocks Drop on Bets Kevin Warsh Is Trump's Fed Pick
Big tech stocks dropped in premarket trading and the dollar and bond yields shot up on Friday after U.S. President Donald Trump said he has firmed up his choice to lead the Federal Reserve, with reports zeroing in on Kevin Warsh as the likely pick.
AMD fell 3%; Meta, Palantir, TSMC, Broadcom, Alphabet, and Oracle fell 2%; while Tesla rose 1%.
While Warsh, a former Fed governor, is seen as an advocate of lower interest rates, he is also considered to be one of the less radical choices among the various names that have been raised and is perhaps more cautious on heavy monetary stimulus than others.
S&P 500 e-mini futures slid 0.9%, Nasdaq e-mini futures were off 1.1% and precious metals plunged, after Reuters reported that Warsh visited the White House for a meeting with Trump on Thursday, citing a source familiar with the matter.
Bloomberg News also reported that the Trump administration was preparing to nominate Warsh as the next Fed chair.
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