US stocks closed higher on Friday as investors reacted to President Trump’s nomination of Stephen Miran to the Federal Reserve Board of Governors and new tariff measures, according to a Yahoo Finance report. The Dow Jones Industrial Average (^DJI) climbed 0.3%, while the S&P 500 (^GSPC) advanced 0.35%, and the Nasdaq Composite (^IXIC) rose nearly 0.4%.
Gold futures (GC=F) in New York surged above London prices following reports of impending tariffs on gold bar imports. Meanwhile, corporate earnings showed mixed results: Pinterest (PINS) dropped after missing profit expectations, while Block (XYZ) rallied on strong guidance. Expedia (EXPE) shares jumped over 10% after raising its full-year bookings forecast, according to IndexBox market data.
Investors remain focused on the likelihood of a September rate cut, with bets currently at 90%. The nomination of Miran, who must still secure Senate approval, adds uncertainty to the Fed’s leadership outlook. Trump is reportedly considering current adviser Kevin Hassett, former governor Kevin Warsh, and current governor Christopher Waller for the next Fed chair.
