We’ll soon find out who the new Fed chair is

The current moment feels like the finale of a reality TV show, when the world learns who the winner of the competition is. This time, the victor won’t be walking away with $1 million — but influence the $112 trillion world economy.

U.S. President Donald Trump said Thursday that he will announce his pick for the next chair of the Federal Reserve on Friday morning stateside. Former Fed Governor Kevin Warsh is by far the favorite, according to prediction market Kalshi — and an administration source told CNBC that Warsh was at the White House on Thursday.

At the same event where Trump made those comments — on the sidelines of the premier of the “Melania” film — he also warned the U.K. that it would be “very dangerous” for the country to do business with China, Reuters reported. This came as U.K. Prime Minister Keir Starmer was visiting China, where the two sides reached deals on tariffs, visa-free travel and business investment, according to Downing Street.

Markets were busy processing more than politics. On Thursday after the bell, Apple reported a 16% year-on-year jump in its fiscal first-quarter revenue on “staggering” iPhone demand, topping market estimates. It also forecast current-quarter revenue above Wall Street expectations.

Investor response, however, was tepid, with Apple shares rising about 0.5% in extended trading. That could be because Apple still appears behind the curve for artificial intelligence. Investors seemed more enthused about Meta Platform‘s AI prospects, driving shares more than 10% higher. Microsoft, on the other hand, was punished for its spending plans and slowdown in cloud growth. Its stock slumped 10%, wiping out $357 billion in market cap in its worst day since March 2020.

That divergence weighed down the tech-heavy Nasdaq Composite, which declined 0.72%. The S&P 500 fell a 0.13%, while the Dow Jones Industrial Average bucked the trend to climb 0.11%

On Friday, the risk-off mood spread. Precious metals and cryptocurrencies fell alongside U.S. equities: spot gold declined over 4% and bitcoin continued its overnight slide to touch its lowest level in nearly two months.

— CNBC’s Samantha Subin and Garrett Downs contributed to this report.

Denmark lauds talks with U.S. over Greenland. Copenhagen’s foreign minister on Thursday welcomed “very constructive” high-level talks over Greenland’s future, saying the conversation about the island was “back on track.”

Trump sues the IRS and U.S. Treasury. The plaintiffs seek at least $10 billion in damages over alleged leaks of their confidential tax information, a lawsuit showed Thursday. In addition to Trump, the plaintiffs are his sons, Donald Trump Jr. and Eric Trump, and the Trump Organization.

China’s new plan to boost consumer spending. China’s cabinet on Thursday rolled out a work plan to boost services consumption — from cruise and yacht tourism to more sports events — as policymakers sought to boost the share of consumption in its economy over the next five years.

U.S. indexes mostly retreat, weighed by Microsoft. However, the Dow Jones Industrial Average outperformed and rose on Thursday. Asia-Pacific markets mostly fell Friday. Hong Kong’s Hang Seng Index retreated nearly 2%, leading losses in the region.

[PRO] Russia and China control a key metal. It’s crucial for developing military equipment, and one U.S. company is working to replace it. That has earned the firm a “buy” rating after an investment bank initiated coverage.

World’s largest sovereign wealth fund made $247 billion in 2025, driven by tech and banking rally