S&P 500: Whipsaw Trade, Weak Leadership Ahead of Close and Long Holiday Weekend.

Stocks Recover from Mid-Morning Dip as Fed Chair Uncertainty Eases

U.S. stock indexes are edging higher late in the session on Friday after recovering from a mid-morning setback. The earlier weakness was fueled by President Trump as he addressed the issue of a new Fed chair. Trump turned the course of the markets when he said he’d rather see National Economic Council Director Kevin Hassett stay in his current position. Hassett had been seen as the frontrunner to replace current chair Powell in May.

Kevin Warsh Emerges as Fed Chair Favorite, Market Sentiment Shifts

Taking Hassett’s spot on the prediction websites was former Fed Governor Kevin Warsh, who is viewed by Wall Street as less willing to trim interest rates than Hassett. After digesting the news, buyers stepped in to turn the market higher for the session.

At 18:49 GMT, the blue-chip Dow is trading 49452.03, +9.59 or +0.02%. The benchmark S&P 500 Index is at 6951.97, up 7.50 or +0.11%, and the tech-heavy Nasdaq is trading 23560.981, up 30.959 or +0.13%.

Trump Headlines Drive Week’s Volatility from Iran to Fed Leadership

Trump has been the source of volatility all week with market-moving comments on attacking Iran, to not attacking. His administration even launched an investigation into Powell’s involvement with the renovation of the Fed’s headquarters. His latest attempt to gather support for the takeover of Greenland has had little impact on the markets, however.

Real Estate Sector Leads on Mortgage Rate Drop to Three-Year Low

Real Estate is the top sector on Friday, gaining 1.03%. Real estate is benefiting from a drop in mortgage rates to a more than three-year low. Last week, President Trump ordered the Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, to purchase $200 billion of bonds issued by the two companies. The move led to a noticeable jump in weekly purchase applications and refinance activity.

Technology Sector Gains on AI-Driven Chipmaker Demand

The Technology sector (0.51%) is up on Friday, but nothing compared to yesterday’s strong performance. Chipmakers are underpinning the broader-based sector, led by memory chipmaker Micron and Seagate Technology, up 5.6% and 2.2%, respectively. Both are sharply higher in 2026 on robust AI demand.

Technical Picture: Nasdaq-100 Futures Eye Key Trend Lines Into Close

Technically, the March E-mini Nasdaq-100 futures contract will be the focus into the close. Currently, it’s trading on the strong side of a downtrending angle at 25641.75 and on the weak side of an uptrending angle at 25761.75. The index is currently leaning to the upside, which means it may recapture the uptrend line and rally into the close.

The best support remains the 50-day moving average at 25590.33. It was tested for the third time this week, signaling its importance as the main trend indicator.

Market Outlook: Strong or Weak Close Hinges on Key Technical Levels

Generally speaking, look for a strong close if buyers can overcome 25761.75 or a weak close if the 50-day moving average fails as support.

More Information in our Economic Calendar.