Friday, January 23, 2026
DJIA
49,099
-285 (-0.58%)
S&P 500
6,916
+2 (+0.03%)
NASDAQ
23,501
+65 (+0.28%)
Markets end choppy week near flat; precious metals hit historic highs as silver crosses $100
U.S. stocks finished a whipsaw week near breakeven Friday, with the S&P 500 up 0.03% to 6,916, Nasdaq rising 0.28% to 23,501, and Dow falling 0.58% to 49,099. For the week, the S&P 500 fell 0.4%, Dow dropped 0.5%, and Nasdaq edged down 0.1%—back-to-back weekly losses for the first time since June. The Russell 2000 fell 1.8% Friday and 0.3% for the week, snapping its 14-session outperformance streak. Intel crashed 17% on weak guidance, while Nvidia climbed 1.5% on China H200 chip approval.
The week was dominated by Trump’s Greenland tariff whipsaw. Monday saw markets plunge 2% after he threatened 10% tariffs on eight European nations. Tuesday brought a strong rebound when Trump canceled the tariffs, claiming a “framework deal” with NATO (though Denmark reaffirmed its sovereignty). Gold surged to $4,967/oz and silver hit $100/oz—all-time highs—as investors fled to safe havens. The dollar weakened sharply while PCE inflation data showed disinflation continues at 2.8% YoY.
Market outlook: Next week: FOMC meeting Jan 27-28 (no change expected), mega-cap earnings (Meta, Microsoft, Tesla Wed; Apple Thu), and potential Fed Chair announcement. The S&P 500’s broadening continues—65% of stocks beating the index, second-best in 50 years. Equal-weight S&P up 4% YTD vs. 1% cap-weighted. Key question: Can mega-cap tech earnings justify valuations? Precious metals’ explosive rally (silver +223% YoY, gold +79% YoY) signals anxiety about dollar, geopolitics, and Fed independence.
WEEKLY PERFORMANCE
| Index | Close | Week Chg | %Chg |
|---|---|---|---|
| Dow Industrials | 49,099 | -260 | -0.53% |
| S&P 500 | 6,916 | -24 | -0.35% |
| Nasdaq Comp | 23,501 | -14 | -0.06% |
| Russell 2000 | 2,669 | -9 | -0.34% |
TREASURY YIELDS
| Maturity | Yield | Change (bp) |
|---|---|---|
| 2-Year | 3.57% | -2 |
| 10-Year | 4.23% | -1 |
| 30-Year | 4.82% | -1 |
COMMODITIES
| Commodity | Price | Week Change |
|---|---|---|
| Gold (spot, oz) | $4,950 | +7.7% |
| Silver (spot, oz) | $99.15 | +12.0% |
| WTI Crude (bbl) | $59.20 | -0.4% |
WEEKLY MOVERS
| Stock | Week % Change |
|---|---|
| 3M (MMM) | +5.2% |
| Nvidia (NVDA) | +3.8% |
| AMD | +2.9% |
| Intel (INTC) | -17.0% |
| European Stocks | -3.2% |
WEEK AHEAD
- FOMC meeting: Jan 27-28, no change expected. Powell press conference Wednesday will be scrutinized for clues on timing of rate cuts and Fed independence issues.
- Mega-cap earnings: Meta, Microsoft, Tesla (Wed); Apple (Thu). Markets watching for AI monetization proof and guidance amid valuation concerns.
- Fed Chair speculation: Trump may announce Jerome Powell’s replacement. Candidates include Kevin Hassett (dovish) and Kevin Warsh (hawkish).
- Economic data: Durable goods, consumer confidence, new home sales. Data will inform Fed’s decision-making on rate path.
TERM OF THE WEEK
Safe Haven: An asset that investors expect to retain or increase in value during market turmoil. Classic safe havens include gold, silver, U.S. Treasury bonds, the Swiss franc, and the Japanese yen. This week demonstrated textbook safe-haven behavior: when Trump’s Greenland tariff threats sparked a 2% stock market drop Monday, gold surged to $4,967/oz (up 79% from a year ago) and silver exploded past $100/oz for the first time ever (up 223% YoY). The dollar weakened while Treasuries held steady. Safe havens work because they’re either physical stores of value (gold/silver), backed by stable governments (Treasuries), or issued by countries with strong balance sheets (Switzerland/Japan). The extreme precious metals rally reflects multiple anxieties: geopolitical chaos, Fed independence concerns after DOJ subpoenaed Powell, tariff uncertainty, and weakening confidence in the dollar’s reserve currency status.
