U.S. stocks rose on Friday as investors weighed multiple catalysts for a positive end to the week, with President Donald Trump’s nomination of Stephen Miran to the Federal Reserve Board of Governors among the key developments.
Summary
- Stocks gained at open as Wall Street looked to end the week on a high.
- President Donald Trump picked Stephen Miran to replance Governor Adriana Kugler to the Fed board.
- Earnings and tariffs remain key market factors.
The Dow Jones Industrial Average added 100 points, or 0.22%, while the S&P 500 gained 0.38% in early trading. The Nasdaq Composite rose 0.48%, contributing to a broadly upbeat outlook. Wall Street is eyeing a bullish end to the week, with investors watching for a potential retest of record highs last seen before the August 1 sell-off.
Elsewhere, the broader risk asset market’s reaction to the macroeconomic environment saw cryptocurrencies edge higher. Notably, Bitcoin (BTC) broke above $116k after President Donald Trump signed an executive order allowing crypto and private equity addition to 401(k) retirement plans.
However gold hit turmoil as investors noted reports that the United States plans tariffs on gold bar imports, with the bullion market in New York witnessing price surges as dealers positioned.
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Trump picks Stephen Miran to Fed board
Stocks had slipped before the bell on Friday amid ongoing tariffs uncertainty. However, after witnessing mixed moves in the previous session, stocks picked up ahead of markets open for the U.S. session.
The major indexes looked to further trim losses as investors weighed Trump’s nomination of Stephen Miran to the Federal Reserve board.
Miran, chairman of the Council of Economic Advisors, will now face Senate confirmation. If approved, he will replace former Governor Adriana Kugler, who resigned last week. The nomination comes as Trump considers broader leadership changes at the central bank, with Jerome Powell’s term as Fed Chair set to expire in May 2026.
However, markets expect the Fed to act well before that. Current projections suggest a 90% chance of an interest rate cut in September, with more easing potentially on the way in the months that follow.
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