CNBC Business News Update - Market Open: Stocks Lower But On Pace For A Winning January, Trump Picks Warsh As Fed Chair, Apple With Strong Quarterly Results 1/30/26

Episode Date: January 30, 2026

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I'm Jessica Eddinger, CNBC. Wall Street's slightly lower on news that President Trump has selected Kevin Warsh as the future Fed chairman. It's the final trading day of January. Stocks are on pace for a winning month. Government shutdown deadline looms. The Dow down 87 points. Shares of IBM leading it lower. They're down more than 2% this morning.

The S&P 500 index is down 11 points. The NASDAQ is down 62 points. If confirmed by law, lawmakers. Kevin Warsh will be the next chairman of the Federal Reserve, taking over from Jay Powell at the end of his term this spring. His name has been in the mix from the very beginning. He was almost appointed chair in Trump's first term. And now here we are. What he brings to the table, deep ties on Wall Street. He's been at the Fed before. He helped manage through the crisis with Ben Bernankees' chair. He is well known to Trump's circles. So the loyalty box gets checked.

Warsh runs in those social circles. He's tied to the wealthy lauders. He's tied to the wealthy lauders. family. He knows Trump. He galls. He's going to go in with the president's trust. He's going to go in with deep ties to Wall Street. And those are two assets out of the gate. That's Thompson Reuters Fed correspondent, Howard Schneider, on CNBC. CNBC senior economics reporter Steve Leesman then asked the Atlanta Fed President, Rafael Bostic, about the choice. One of the abiding concerns throughout this whole process of looking for a Fed chair has been the independence of the Federal Reserve and actual facts. The president has challenged the independence of the Fed. Criminal investigation against Powell firing Lisa Cook. How much concern with this nomination would you have for the independence of the Federal Reserve?

I think the independence of the Fed is always a concern and it's always something that we need to protect. And we'll just have to see how Mr. Warsh is in the role. There is some pushback today as some believe the president's trying to control the Fed and get interest rates lowered, making money cheaper to borrow and fostering the economy, which could keep Republicans in power, but North Carolina Senator Republican Tom Tillis says he will oppose the nomination of Kevin Warsh until the federal criminal probe of the current chair Jerome Powell is resolved. Gold and silver, tumbling as Trump's Fed Chair Pick, Warsh is seen as a person who will preserve central bank independence. Inflation rose at the wholesale level in December, the most since

September, and when producers pay more for the inputs, consumers can then have to pay more down the line. Exxon is out with strong earnings for the last quarter, even with low oil prices, although crude oil prices are up this week as tensions over Iran rise. Exxon's CEO Darren Woods had this to say about Venezuela on CNBC. Frankly, if you don't uphold the sanctity of the contracts, if you choose to instead steal the investments that we've made, we can't continue to work with you. And so that is what led us to exit Venezuela. I think it's absolutely critical to establish precedents around the world because it's a very slippery slope once you begin to cooperate, work with people who are stealing from

you. So that's been a big challenge, one of the reasons why we've left. The bigger challenge is the investments that you have to make going forward for the next many decades and making sure that the right protections are in place. And the fiscal systems reward the investments that have to be made. Apple would blowout quarterly results, surprising investors with strong iPhone sales, shares were slightly pulling back. New in theaters this weekend, Disney's horror thriller, send help, and Black Bears thriller, Shelter. Jessica Eddinger, CNBC.

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