CNBC Business News Update Market Midday: Stocks Lower, Trump Picks Warsh For Fed Chair, Silver Plunges 20% 1/30/26
Jan 30, 2026
Markets slide with major indices pulling back and a big Dow drop. A controversial Fed chair pick with debate over central bank independence. Silver crashes nearly 20% amid trading mania. Bitcoin retreats and wholesale inflation ticks up. Big tech posts mixed reactions despite strong results, and airlines tweak fees and seating to boost revenue.
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Markets Sell Off Yet January Still Positive
- Stocks fell intraday but the major averages were still positioned to finish January higher on the last trading day of the month.
- The Dow, S&P 500 and Nasdaq all saw afternoon declines with sector-specific movers like American Express dragging the Dow down.
Warsh Profiled As Trump’s Fed Choice
- Kevin Warsh is Donald Trump's pick to succeed Jay Powell as Fed chair if confirmed by lawmakers.
- Warsh brings deep Wall Street ties, prior Fed experience, and strong personal connections to the president.
Fed Independence Highlighted As Key Concern
- Concerns about Federal Reserve independence surfaced during conversations about the nomination.
- Atlanta Fed president Rafael Bostic emphasized protecting Fed independence and said Warsh's actions in office will determine outcomes.