North American Morning Briefing : Stock Futures Drop As Investors Brace for Trump’s Fed Pick

OPENING CALL Stock futures were tracking down after disappointing earnings from Microsoft late in the previous session fueled a wider selloff in tech stocks. Jefferies said, while it wasn’t in the AI bubble camp, “We do believe that the market will question the return on capital expenditure from the tech companies.” Meanwhile Treasury yields and the dollar rose , on the prospect that Trump could announce Kevin Warsh to succeed Federal Reserve Chair Jerome Powell. Warsh had the reputation of a hawk before he aligned himself with Trump’s views on lower rates, KBC Bank analysts said. ING said that Warsh’s…