Friday, January 30, 2026
DJIA
48,892.47
-177.31 (-0.36%)
S&P 500
6,939.03
-27.18 (-0.39%)
NASDAQ
23,461.82
-212.37 (-0.90%)
Gold and silver crash as Trump taps Warsh for Fed Chair; tech stocks sink on Microsoft cloud worries
U.S. stocks ended January on a down note Friday after Trump nominated Kevin Warsh to succeed Jerome Powell as Fed Chair. The Dow fell 0.4% to 48,892.47, S&P 500 lost 0.4% to 6,939.03, and Nasdaq tumbled 0.9% to 23,461.82. For the week, S&P 500 gained 0.3%, but Dow and Nasdaq posted their third straight weekly losses. Despite Friday’s declines, the Dow completed its ninth straight month of gains.
The week’s biggest story was Thursday’s historic precious metals rally followed by Friday’s brutal crash. Gold surged above $5,625/oz Thursday before crashing to ~$4,880 Friday after Warsh’s nomination. Silver suffered an even more dramatic fate, touching $121.75/oz Thursday before plummeting to ~$82 Friday—a 28% collapse in under 24 hours. The metals’ wild ride reflected shifting Fed policy expectations; Warsh is viewed as more hawkish than alternative candidate Hassett, sparking a dollar rebound and aggressive profit-taking.
Market outlook: The FOMC held rates steady at 3.50%-3.75% Wednesday, ending three consecutive cuts. Powell noted the economy is “expanding at a solid pace” but inflation “somewhat elevated.” Mega-cap earnings were mixed: Meta beat but emphasized massive AI spending; Microsoft plunged 12% Thursday on slowing Azure growth; Tesla pivoted toward robotics. Next week: January jobs data (175K expected) and energy earnings.
WEEKLY PERFORMANCE
| Index | Close | Weekly %Chg |
|---|---|---|
| Dow Industrials | 48,892.47 | -0.40% |
| S&P 500 | 6,939.03 | +0.30% |
| Nasdaq Comp | 23,461.82 | -0.91% |
| Russell 2000 | 2,170.47 | -2.10% |
TREASURY YIELDS (Close)
| Maturity | Yield | Weekly Chg (bp) |
|---|---|---|
| 2-Year | 3.52% | -5 |
| 10-Year | 4.26% | -3 |
| 30-Year | 4.87% | -5 |
Source: End-of-day benchmark quotes
PRECIOUS METALS (Spot)
| Metal | Friday Close | Weekly Change | Intraday High (Thu) |
|---|---|---|---|
| Gold (oz) | ~$4,880 | -9.2% | $5,625+ |
| Silver (oz) | ~$82.00 | -28.0% | $121.75 |
Spot prices; intraday extremes vs. Friday settlement
WEEKLY MOVERS
| Stock | Week % Change |
|---|---|
| Meta (META) | +4.2% |
| Mastercard (MA) | +3.5% |
| Caterpillar (CAT) | +2.8% |
| Microsoft (MSFT) | -8.7% |
| Newmont (NEM) | -11.0% |
WEEK AHEAD
- Jobs Report: January nonfarm payrolls due Friday. Markets expecting 175K new jobs after December’s solid 256K gain.
- Warsh Confirmation: Senate hearings for Fed Chair nominee Kevin Warsh will begin, providing insight into future monetary policy direction.
- ISM Surveys: Manufacturing PMI Monday and Services PMI Wednesday to gauge economic momentum entering Q1.
- Earnings Continue: ExxonMobil, Chevron, and other energy majors report Q4 results amid volatile oil prices.
TERM OF THE WEEK
Price Discovery: The process by which markets establish the fair value of an asset through the interaction of buyers and sellers. This week delivered a masterclass in violent price discovery across multiple asset classes. Spot gold and silver entered extreme price discovery early in the week, with silver surging to an intraday high of $121.75/oz Thursday before collapsing to close near $82 Friday—a 28% retracement in under 24 hours. Similarly, Microsoft shares plunged 12% Thursday as investors recalibrated AI premium valuations following Azure growth deceleration. Price discovery becomes especially volatile when assets deviate significantly from historical norms (silver traded 30%+ above its 200-day moving average before Friday’s crash) or when new information (such as the Warsh nomination) forces rapid repricing of fundamental assumptions.
