Morning Report 02 Feb 26: US stocks tumble after Trump taps Warsh for Fed role

US stocks tumbled and precious metals slumped after Donald Trump chose Kevin Warsh as the next chairman of the central bank. Apple defied the broader sell-off, reporting its strongest-ever iPhone sales. In commodities, silver has plunged 30% from recent highs in its worst stretch since 1980, while gold recorded its steepest fall since 1983. Back home, Australian home prices continued to rise in January, though local shares are expected to open lower as the RBA begins its two-day policy meeting. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.