07:49 AM EST, 01/30/2026 (MT Newswires) -- The benchmark US stock measures were pointing lower before the open Friday after President Donald Trump nominated Kevin Warsh to succeed Jerome Powell as the next Federal Reserve chair.

The S&P 500 and the Dow Jones Industrial Average declined 0.7% each in premarket activity, while the Nasdaq was off 0.9%. The Nasdaq and the S&P 500 closed Thursday in the red, with the former snapping a six-day winning streak, while the Dow finished higher.

In a social media post early Friday, Trump announced Warsh's nomination, saying he has known him "for a long period of time." The US leader said he has "no doubt" that Warsh "will go down as one of the Great Fed Chairmen, maybe the best."

Warsh has previously served as a Fed governor and economic adviser.

Earlier in the week, current Fed Chair Jerome Powell, whose term is set to expire in May, said the economy "expanded at a solid pace last year and is coming into 2026 on a firm footing," although inflation "remains somewhat elevated." Powell was speaking after the central bank held interest rates steady on Wednesday, amid "some signs of stabilization" in the unemployment rate.

Treasury yields were trending upwards in premarket action, with the two-year rate rising 0.2 basis points to 3.55% and the 10-year rate advancing 2.4 basis points to 4.25%.

Meanwhile, the Trump administration and Senate Democrats have reached a tentative deal to avoid another federal government shutdown, Bloomberg News reported. However, CNBC reported that the Senate failed to clear a procedural hurdle on a key government funding package.

December's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET, followed by the Chicago purchasing managers' index for January at 9:45 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.

St. Louis Fed President Alberto Musalem is slated to speak at 1:30 pm, while Fed Vice Chair for Supervision Michelle Bowman speaks at 5 pm.

Shares of Apple ( AAPL ) edged down 0.6% pre-bell even though the iPhone maker reported fiscal first-quarter results above Wall Street's estimates. Visa (V) decreased 1.3% after the payments giant's fiscal second-quarter outlook implied a "step-down" in sequential revenue growth.

Oil giants Exxon Mobil ( XOM ) and Chevron ( CVX ) report their latest financial results before the bell, along with American Express ( AXP ) , Verizon Communications ( VZ ) , Colgate-Palmolive ( CL ) , Air Products and Chemicals ( APD ) , SoFi Technologies ( SOFI ) , Charter Communications ( CHTR ) and others.

West Texas Intermediate crude oil fell 0.8% to $64.91 a barrel before the opening bell. Gold dropped 3.8% to $5,116 per troy ounce, while bitcoin slipped 1.5% to $82,653.