Today’s Market Recap: Precious Metals Hammered as Warsh Nomination Fuels Dollar Rally

Trump taps Warsh for Fed chair, touting independence and pro-growth stance. Donald Trump announced his intent to nominate Kevin Warsh as the next Chair of the Federal Reserve, describing him as potentially “one of the greatest Fed chairs ever.” Trump emphasized that Warsh did not promise any specific policy actions but noted, “he of course wants to cut rates.” Markets continue to price in two rate cuts by year-end. Warsh, a former Fed governor, was historically hawkish during his tenure—frequently warning of rising inflation—but has in recent statements echoed Trump’s sentiment that rates should be "meaningfully lower."

Bitcoin extends weekend slump, hitting 10-month low as market reacts to Warsh nomination. Cryptocurrencies plunged over the weekend, with Bitcoin falling below $80,000 amid a broad selloff. The decline accelerated on Saturday following Friday’s sharp drop, pushing the price to a low of $75,709.88—the weakest level since April 2025. The selloff was accompanied by roughly $1.6 billion in liquidations. Warsh’s nomination intensified dollar strength and undermined expectations for a weaker U.S. currency, which had previously buoyed digital assets. Adding to negative sentiment were persistent ETF outflows, limited retail participation, and ongoing regulatory uncertainty, all of which continue to erode Bitcoin’s safe-haven narrative.

Global markets rocked by “Warsh shock” as precious metals tumble and dollar surges. A wave of risk repricing hit global markets last Friday following the Warsh announcement. Gold and silver posted their deepest one-day declines in decades, while the U.S. dollar rallied sharply. Once known as a staunch inflation hawk, Warsh has recently pivoted toward supporting rate cuts, though he remains committed to quantitative tightening. The apparent policy contradiction has drawn scrutiny. “Who is the real Kevin Warsh?” has become a frequent refrain on Wall Street, as investors weigh his market credibility against mounting liquidity concerns triggered by tightening rhetoric.

Nvidia (NVDA) distances itself from $100 billion OpenAI deal amid internal concerns. Nvidia CEO Jensen Huang said over the weekend that the company’s headline-making $100 billion investment proposal in OpenAI “was never a formal commitment,” clarifying that any capital deployment will be assessed progressively. Prior reports suggested the deal had stalled due to internal disagreements over structure and risk. Huang reportedly raised concerns about OpenAI’s lack of financial discipline and emphasized the company would not pursue binding terms under current conditions. Comments also reflect Nvidia’s rising discomfort about OpenAI's growing influence in the artificial intelligence ecosystem and competitive implications for its own business.

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.