British News Agency

Despite the declines on the final trading day of the month, the S&P 500 gained 1.2% in January, while the Dow rose 1.6% and the Nasdaq advanced 1.1%.

After U.S. President Donald Trump nominated Kevin Warsh to replace Jerome Powell as Federal Reserve chair, higher Treasury yields and a stronger dollar weighed on risk appetite.

Markets viewed the move as reinforcing a more disciplined and cautious easing bias, which lifted long-term yields and pressured rate-sensitive sectors following January’s strong rally.

Materials, technology and communication services underperformed, while the healthcare sector outperformed.

Apple rose 0.5% despite solid earnings and resilient iPhone sales, though elevated valuations capped gains; Visa fell 2.9% after earnings were largely priced in.

ExxonMobil slipped 0.7%, Chevron beat profit expectations and climbed 3.3%, American Express dropped 1.8% after missing estimates, while Verizon surged 11.8% on stronger outlooks.