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Stock futures fell Friday, a day after the S&P 500 posted a second consecutive losing session. The moves followed sharp declines in gold and silver, as the rallies that took the precious metals to record highs lost momentum.

Futures tied to the broad market index were down 0.8%, and Nasdaq 100 futures lost about 0.9%. Dow futures dropped 355 points, or 0.7%.

Gold futures dropped more than 4%, while contracts tied to silver plunged 12%. Despite the declines, gold and silver remain higher over the past year by 80% and 209%, respectively.

Wall Street also turned its eyes to Washington after President Donald Trump said Thursday night that he would announce his choice to replace Federal Reserve Chair Jerome Powell on Friday morning. Former Fed Governor Kevin Warsh has emerged as a favorite in prediction markets, but BlackRock’s fixed income chief Rick Rieder and National Economic Council director Kevin Hassett have also been in contention.

Apple shares inched lower even after the company beat fiscal first-quarter earnings and revenue expectations, aided by a significant surge in iPhone sales. Data storage stock Sandisk popped 19% on the back of strong guidance. KLA Corp lost more than 8% after guidance for non-GAAP gross margin in the fiscal third quarter came in light.

“This week brought the first wave of major tech earnings, with investors focused on results, guidance, and AI spending as a key market driver. … A clear theme is emerging, in our view,” said Angelo Kourkafas, senior global investment strategist at Edward Jones.

“Companies are ramping up AI related infrastructure spending, and markets are rewarding those that can turn these investments into earnings,” he added. “Firms without a clear monetization strategy are facing more scrutiny.”

He added that while the tech sector is still expected to deliver strong profit growth, it’s slowing from earlier quarters as other sectors accelerate. This development supports “what we see as this year’s key theme: a broadening of market leadership,” Kourkafas said.

Week to date, the S&P 500 and Nasdaq have each added nearly 0.8%. The 30-stock Dow is down nearly 0.1% on the week.