Nasdaq futures suggested a notable drop on Friday, following a spike in oil prices prompted by President Donald Trump’s declaration that China had agreed to buy U.S. crude oil. Meanwhile, Kevin Warsh is set to take on the position of Federal Reserve Chair today. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average recorded decreases of 1.3%, 0.9%, and 0.6%, respectively. Yesterday, Cisco Systems’ shares led a technological rally, aiding the S&P 500 and Nasdaq Composite in reaching new record highs. The blue-chip Dow finished above 50000 for the first time since February 11, the day after its record high, while the S&P 500 closed above 7500.

The Nasdaq and S&P 500, set to finish their seventh consecutive week of gains, posted increases of 1.5% and 1.4%, respectively, as they neared Friday. The Dow rose by 0.9% over the course of four sessions, aiming for its third consecutive week of gains and its sixth in the last seven weeks. Oil prices experienced a notable increase on Friday, prompted by comments from Trump during an interview with Fox News, recorded amid his two-day summit in Beijing with Chinese leader Xi Jinping. Trump remarked that China “agreed they want to buy oil from the United States,” emphasizing the country’s “insatiable appetite for energy” and the U.S.’s “unlimited energy” resources. China has not yet confirmed the purchases. West Texas Intermediate futures, the U.S. crude oil benchmark, experienced an increase of 3.4% to $104.55 a barrel in recent trading, while front-month contracts of Brent crude, the global benchmark, saw a rise of 2.7% to $108.60.

The 10-year Treasury yield, a crucial factor influencing interest rates for mortgages and a range of consumer loans, recently registered around 4.55%, up from approximately 4.49% at Thursday’s close, setting the stage for its highest closing level since last May. Gold futures saw a decrease of 2.8%, concluding at $4,555 per ounce. Bitcoin was trading at approximately $80,500, reflecting a decrease from the overnight peak of around $81,600. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, rose by 0.3% to attain a level of 99.13. On Friday, attention will be directed towards Warsh’s swearing-in ceremony as he takes on the position of Federal Reserve Chair, succeeding Jerome Powell. Warsh will take the helm of a Federal Reserve that is markedly fragmented.

Cisco’s shares experienced a significant increase of 13% yesterday, positioning the company at the forefront of the Dow, S&P 500, and Nasdaq indices, following the release of its latest earnings that surpassed expectations and a positive forecast for the future. However, it indicated a decline of 2.5% in premarket trading on Friday as technology shares experienced a pullback. All the Magnificent Seven tech giants, with the exception of Microsoft, exhibited a downward trend in their shares ahead of the market opening. Declines were primarily driven by Nvidia and Tesla, whose chief executives joined President Donald Trump during his two-day summit in Beijing with Chinese leader Xi Jinping. Cerebras Systems, whose shares closed up 68% in their trading debut yesterday after the AI chipmaker raised $5.5 billion in the largest IPO of the year thus far, pointed 3.5% lower.