Several Federal Reserve officials (including Chair Jerome Powell) have recently commented on the stock market's elevated valuation.

Stock Market Today: The Dow Jones index dropped Friday on surprise inflation data and the Warsh nomination. Tesla rallied on SpaceX news. Gold tumbled.

Dollar, Treasury yields rise after Kevin Warsh named for Fed chair role

S&P 500 ( ^GSPC 0.77%) slipped 0.01% to 6,978.03 today in muted post-Fed trading. The Nasdaq Composite ( ^IXIC 1.64%) rose 0.17% to 23,857.45 near record territory, and Dow Jones Industrial Average ( ^DJI 0.25%) inched up 0.02% to 49,015.60.

Major U.S. stock benchmarks were falling Friday, as investors weighed President Trump's decision to pick Kevin Warsh as his nominee to chair the Federal Reserve. Still, the S&P 500 remained on pace to close out January with gains.

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Newmont shares are trading lower Friday morning after President Trump nominated Kevin Warsh to succeed Jerome Powell as Fed chair

Central bankers cut rates three times last year, but are cautious about lowering borrowing costs any further due to a weakening job market. President Donald Trump has said his pick for a new Fed Chair to replace Jerome Powell,

The S&P 500 briefly surpassed the 7,000 threshold during Wednesday's session, but ultimately ended the day near flat.