U.S. stocks finished Friday little changed, with the S&P 500 posting a weekly decline as investors assessed fresh comments from President Donald Trump on the Federal Reserve and global geopolitical tensions
The benchmark index slipped 0.06% to close at 6,940.01. The Nasdaq Composite edged down 0.06% to 23,515.39, while the Dow Jones Industrial Average fell 83 points, or 0.17%, to 49,359.33.
Markets retreated from session highs following remarks from Trump at the White House, where he suggested National Economic Council Director Kevin Hassett would likely remain in his current position rather than become the next Federal Reserve chair. “I actually want to keep you where you are,” Trump said.
Hassett had been viewed as a leading candidate to succeed Fed Chair Jerome Powell, whose term ends in May. However, prediction markets shifted following Trump’s comments, with former Fed Governor Kevin Warsh emerging as the frontrunner. Investors have generally viewed Hassett as the more market-friendly option, given expectations he would be more inclined to support lower interest rates.
Equities had entered Friday on the back of a strong prior session fueled by gains in semiconductor stocks. Taiwan Semiconductor Manufacturing led the advance after delivering a strong fourth-quarter earnings report. Optimism was further supported by a U.S.–Taiwan trade agreement under which Taiwanese chip and technology firms pledged at least $250 billion in U.S. manufacturing investment.
Shares of Taiwan Semiconductor, along with Broadcom and Advanced Micro Devices, remained higher on Friday.
Financial stocks lagged over the week despite solid earnings results, as concerns mounted over Trump’s proposal to cap credit card interest rates. JPMorgan Chase and Bank of America each declined roughly 5% for the week.
Investors navigated a volatile week marked by a steady stream of developments from Washington, including renewed questions around the Fed’s independence and rising geopolitical risks involving Iran and Greenland. Tensions escalated further Friday after Trump said tariffs could be imposed on countries that “don’t go along with Greenland.”
For the week, the S&P 500 fell 0.4%, the Dow Jones Industrial Average slipped 0.3%, and the Nasdaq Composite declined 0.7%.
