During January 19-23, 2026, US equities markets exhibited significant volatility and risk-averse sentiment, marking the first time in months with two consecutive weekly declines for the major equity indexes. The S&P 500 fell 0.4%, the Dow Jones dropped 0.5%, and the Nasdaq slipped 0.1% amid fears driven by additional tariffs and geopolitical risks.
Treasury yields remained stable, with markets still expecting around 50bps of cuts in 2026. Meanwhile, gold was up 8% and silver 14%, continuing their standout performance, with silver breaking through $100 per ounce for the first time, benefiting from safe-haven demand and dollar weakness. Bitcoin, however, stalled in a low-conviction environment, trading between $86-$87k, down 10%.
Despite the overall negative sentiment, strong corporate results and high demand for bonds at the 20-year Treasury auction helped stabilize markets toward the week's end. For the coming week, the focus will be on Q4 2025 earnings results from major tech companies like Meta and Tesla, as well as the Fed rate decision on Wednesday.
