US stocks finished the session lower on Friday as comments from Federal Reserve Chair Kevin Warsh on curbing inflationary pressures fueled a significant rise in rate hike expectations. This bolstered the US dollar, while precious metals like gold and Bitcoin faced steep declines. Despite the day's losses, the S&P 500 posted a weekly gain of 0.5%, the Nasdaq Composite rose 0.9% for the week, and the Dow Jones Industrial Average advanced 0.5%, marking its first positive week in nearly three.

US Equities: At the closing bell, the Dow slipped 9.45 points, or 0.02%, to 53,559.99. The S&P 500 declined 19.23 points, or 0.25%, to 7,711.76. The Nasdaq dropped 138.93 points, or 0.52%, to 26,402.42. In single-stock moves, Marvell Technology (MRVL.US) tumbled 10.28%, while Nvidia (NVDA.US) fell 4.57%, Intel (INTC.US) lost 2.85%, and Tesla (TSLA.US) dropped 1.71%. On the upside, Amazon (AMZN.US) surged 3.97%, Google (GOOG.US) climbed 1.74%, and Apple (AAPL.US) rose 1.63%. The Nasdaq Golden Dragon China Index edged up 0.44%, with Alibaba (BABA.US) adding 2.21% and Baidu (BIDU.US) gaining 0.19%.

European Markets: Germany's DAX 30 advanced 211.27 points, or 0.80%, to 26,567.24. The UK's FTSE 100 rose 31.27 points, or 0.29%, to 10,823.81. France's CAC 40 gained 81.31 points, or 0.98%, to 8,401.18. The Euro Stoxx 50 climbed 62.72 points, or 0.98%, to 6,487.45. Spain's IBEX 35 added 164.48 points, or 0.83%, to 20,046.08. Italy's FTSE MIB advanced 358.88 points, or 0.69%, to 52,624.00.

Asian Markets: Japan's Nikkei 225 rose 0.41%, while South Korea's KOSPI index fell 1.79%.

US Dollar Index: The dollar index, measuring the greenback against a basket of six major currencies, climbed 0.55% to settle at 99.703. At the close of New York forex trading, the euro traded at 1.1580 dollars, down from 1.1649 the prior session. The pound fetched 1.3531 dollars, down from 1.3589. Meanwhile, the dollar traded at 160.14 Japanese yen, up from 159.43; at 0.8096 Swiss francs, up from 0.8043; at 1.3907 Canadian dollars, up from 1.3858; and at 9.6137 Swedish kronor, up from 9.5220.

Cryptocurrency: Bitcoin broke below the $78,000 mark, last trading at $77,722. Ethereum slipped 0.07% to $2,440.

Crude Oil: Light sweet crude for October delivery eased 13 cents to settle at $83.40 a barrel, down 0.16%. Brent crude for October delivery fell 39 cents to close at $89.31 a barrel, a decline of 0.43%.

Precious Metals: Spot gold tumbled 3.18% to $4,454.43 an ounce. Spot silver dropped 4.14% to $66.40 an ounce.

Macro News: Warsh Signals Potential Rate Hikes, Shifting Fed Focus to Inflation. Fed Chair Kevin Warsh stated on Friday that if policymakers cannot be confident inflation is returning to the 2% target "at a sufficiently clear and rapid pace," then "there is more work to do." This suggests the Fed's next move could be a rate increase if price pressures do not improve. Warsh reaffirmed his commitment to the Fed's long-standing policy path of managing inflation through interest rate adjustments. This stance significantly boosts the odds of a future hike, potentially putting him at odds with President Trump, who has long pushed for lower rates. The remarks largely removed any prior ambiguity. At his July press conference, Warsh had declined to elaborate on whether rate increases would be necessary to tackle inflation that has spiked this year and remained above target for more than five consecutive years.

Deutsche Bank economists anticipate the Fed will raise rates by 25 basis points in both September and December. Following Warsh's hawkish Jackson Hole speech emphasizing the need to return inflation to the 2% target, the bank believes the bar for avoiding a September hike is already high, unless upcoming economic data comes in "significantly weaker than expected." Markets quickly adjusted bets accordingly: CME data shows the probability of cumulative rate hikes of 50 basis points or more by December jumped to 51%, up from 29% the previous day. The odds of a 25-basis-point cumulative hike stand at 38%, while the probability of rates remaining unchanged is just 11%. Bets on a September move also intensified following Warsh's comments.

US Employment Growth Weaker Than Previously Reported. The Labor Department indicated Friday that job growth over the year ending in early 2025 may have been slightly weaker than initially reported. The agency's revisions suggest that total nonfarm payrolls for the 12 months ending in March were likely 79,000 fewer than previously reported. Private sector payrolls during that period were revised down by 178,000, with retail and wholesale trade sectors experiencing the most significant downward adjustments. Healthcare, private education, and professional and business services also saw downward revisions. However, transportation and warehousing, along with information—an industry often viewed as most exposed to artificial intelligence—added jobs. Federal, state, and local governments added 99,000 jobs during the period.

Stock News: Apple Raises Apple TV and Apple One Subscription Prices. Apple (AAPL.US) has increased prices for its Apple TV streaming service and Apple One bundle in the US. The monthly cost of Apple TV rose from $12.99 to $14.99, with the annual plan increasing from $99 to $119. The Apple One individual plan, which includes Apple TV, iCloud, and Apple Music, also went up from $19.95 to $21.95 monthly. Launched in 2019 at $4.99 per month, Apple TV's pricing is now approaching that of major competitors. This marks the company's second subscription price adjustment recently. In July, Apple raised Apple Music's monthly fee by $1, citing increased licensing costs.

US Energy Firms, Including Chevron, Approaching Deal to Invest Billions in Venezuelan Oil Fields. Chevron (CVX.US) and other US energy companies are nearing a deal to invest billions of dollars in Venezuelan oil fields, which could provide President Trump with a tangible win after months of slow-paced negotiations. Sources indicate that Chevron is close to an agreement to expand its long-standing operations in the Latin American country, potentially adding two heavy oil fields to its portfolio. Currently, Chevron operates three joint ventures with Venezuela's state-owned oil company, PdVSA, and is the only major US firm active in Venezuela. Reports also suggest that Halliburton (HAL.US), one of the largest US oilfield services companies, is in talks to bring its full suite of equipment into Venezuela to serve local producers.

Analyst Actions: JPMorgan raised its price target for Marvell Technology (MRVL.US) to $305 from $240.