US futures slumped, the dollar rallied sharply, the Treasury curve steepened with 10Y yield rising as high as 4.28% and gold and bitcoin tumbled on what was at first speculation and then confirmation, that President Trump is nominating Kevin Warsh - widely viewed as the most hawkish of the handful of candidates - as the next Fed chair. As of 8:00am ET, S&P futures slid 0.4% but were well off session lows double that, while Nasdaq futures dropped 0.6% as markets brush aside strong Apple results. Pre-market, almost all Mag 7 stocks are lower with META (-1.5%), GOOGL (-1.4%) and NVDA (-1.4%) the biggest laggards; TSLA added +2.0%, the only exception in Mag 7. European stocks are all green while Asian equities join in the risk exodus, with Hong Kong indexes the biggest losers. Kospi flips an early 1.9% rally to a loss before turning positive again. The US Dollar is higher to 96.62; the yield curve steepened (30y +2.8bp vs. 2y -0.6bp) on the market view that Warsh is more hawkish than Trump expects. Commodities are mostly lower: Brent futures tumbled back below $70 a barrel following a three-day rally, while precious metals tumbled - gold fell 5% to 5100, silver plunged -12% under $100 while base metals are higher. US economic calendar includes December PPI (8:30am) and January MNI Chicago PMI (9:45am). Fed speaker slate includes Miran (11:10am), Musalem (1:30pm), Miran (3pm) and Bowman (5pm).

In premarket trading, Mag 7 stocks are mostly lower: Apple (AAPL) slips 0.7% after the iPhone maker warned that rising component costs are threatening to squeeze margins. The company also posted its largest first-quarter sales growth in over four years, driven by strength in its closely-watched iPhone segment (Tesla +2.3%, Microsoft +0.5%, Amazon -0.7%, Nvidia -0.9%, Alphabet -0.5%, Meta -1.2%)

Precious metals miners tumble, set to extends Thursday's losses, as gold and silver sell off heavily.

American Express (AXP) falls 3% after the payment company reported earnings per share for the fourth quarter that missed the average analyst estimate.

Charter Communications (CHTR) rises 6% after the cable operator reported a gain in pay-TV customers. Its fourth-quarter earnings also beat expectations.

Deckers Outdoor (DECK) rises 12% after the owner of the Ugg and Hoka footwear brands raised its annual earnings and sales forecast, beating the average analyst estimate. Analysts note strength in the retailer's direct-to-consumer channels in the US.

KLA Corp. (KLAC) falls 8% after the chip company reported results for the second quarter and gave an outlook. The stock has surged 39% so far this year as of Thursday's close.

MaxLinear (MXL) falls 14% after the semiconductor device company's results were seen as disappointing in key business lines.