Today’s Market Recap: Precious Metals Soar as U.S. Equities Hold Steady
TradingKey - On January 23, 2026, the S&P 500 edged up 0.03% to finish at 6,915, while the Nasdaq Composite rose 0.28%, closing at 23,501—reflecting relatively flat movement across major equity indexes.
In the cloud computing and data analytics sector, Core Scientific (CORZ) advanced 3.93% to $18.79, while Digital Realty Trust (DLR) added 0.45%, closing at $159.16. The gains highlight sustained investor interest in data center infrastructure and companies tied to the ongoing expansion of artificial intelligence.
Semiconductor stocks broadly retreated, with the sector index declining more than 1%. Intel (INTC) plunged 17% following weaker-than-expected forward guidance, marking its sharpest single-day decline in 17 months. In contrast, Nvidia (NVDA) rose over 1%, extending its advance to three consecutive sessions.
Meta Platforms (META) rallied more than 6%, while Apple (AAPL) slipped nearly 3%, registering its eighth straight weekly decline — the company's longest losing streak since May 2022.
Rising geopolitical risks ignited a strong rally across the commodities complex. Gold approached the $5,000 level with intraday gains above 1%, while silver surged past the $100 mark for the first time ever, jumping over 7%. Both metals posted their largest weekly gains since 2020.
Elsewhere, U.S. natural gas prices soared 70% for the week, driven by an arctic cold front sweeping across the country.
In currency markets, speculation of direct government intervention propelled the Japanese yen sharply higher. After briefly breaching the 159-per-dollar level, the currency reversed sharply — jumping as much as 1.75% to reclaim the 156 handle, marking its largest single-day gain since August 2023.
The U.S. Dollar Index fell for a second straight session, hitting a five-month low. It posted a 1.8% decline for the week, its steepest drop in eight months.
Meanwhile, in digital assets, Bitcoin (BTC) briefly broke above the $91,000 mark before pulling back nearly 2% intraday. Ethereum (ETH) saw a sharper correction, falling more than 10% for the week, as profit-taking cooled recent crypto momentum.
A powerful rally in precious and industrial metals is drawing renewed attention from global investors. Silver prices broke above $100 for the first time on record with intraday gains exceeding 7%, while gold approached the $5,000 mark, notching its biggest weekly gain since 2020. London copper also soared over 3%, boosted by supply disruptions at Chile’s Mantoverde mine, a weakening U.S. dollar, and rising geopolitical tensions.
The European Union has announced a six-month suspension of retaliatory tariffs on U.S. imports. The decision, involving €93 billion worth of duties, follows the U.S. withdrawal of threatened tariffs targeting eight European countries over Greenland. Brussels emphasized the move was tactical, not permanent, aiming to create diplomatic space while maintaining its ability to respond if talks break down.
U.S. business activity continued to expand in January, though signs of slower momentum are emerging. S&P Global’s Manufacturing and Services PMIs both remained above the 50 threshold, indicating growth, yet trailed consensus forecasts. Slower new order flows and weaker service demand suggest that economic resilience may be fading amid tightening financial conditions.
Samsung has triggered a new wave of concern over chip inflation after sharply raising NAND contract prices. The company more than doubled its first-quarter NAND flash prices—exceeding 100% increases—following a 70% spike in DRAM prices earlier. The move reflects deepening global supply constraints and has fueled expectations of a broader memory chip pricing supercycle.
The Japanese yen staged a sharp rally as the Bank of Japan signaled a cautious path toward policy normalization. While the central bank left interest rates unchanged, Governor Kazuo Ueda mentioned potential rate hikes if economic projections hold. The yen surged past 158 per dollar, marking a strong reversal driven by shifting market expectations and growing divergence from U.S. monetary policy.
The chart below highlights the ten most actively traded stocks in the current market. With their substantial trading volumes and high liquidity, these names serve as key benchmarks for tracking global market dynamics.
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