Market Highlights

Modest gains in stocks and bonds were overshadowed by volatility in energy, commodity and foreign exchange markets at the start of a busy week. The dollar fell to the lowest since 2022, gold topped $5,000 and natural gas jumped almost 30% as cold weather gripped much of the US. The S&P 500 extended its January advance ahead of high-stakes megacap results. With the Federal Reserve expected to pause its rate cuts, Treasuries remained in a narrow range. The greenback slid on speculation the US could coordinate intervention with Japan to support the yen. After the close, big US insurers including UnitedHealth Group Inc., CVS Health Corp. and Humana Inc. tumbled on a report the US will hold payments to private Medicare plans flatnext year. Stocks extended their rally into a fifthsession while currencies steadied after a volatile Monday, as markets regained some stability following speculation over possible yen intervention.

Wall Street ended a jittery week on a relatively quiet note, with stock traders digesting the rally of the past two days in the run-up to the Federal Reserve decision and the start of the big-tech earnings season. While the S&P 500 posted its first back-to-back weekly losses since June, the gauge erased Friday’s drop amid solid consumer sentiment and gains in most megacaps. Nvidia Corp. climbed 1.5% as China told tech firms they can prepare orders for H200 AI chips. Intel Corp. sank 17% on a tepid outlook. Small caps trailed the US equity benchmark after beating it for 14 days. The dollar fell against most of its major peers as potential US involvement in foreign-exchange intervention in Japan hurt sentiment toward the world’s reserve currency. Gold rose above $5,000 for the first time on haven demand.

Speculative spirits were restored on Wall Street, fueled by hopes for a solution in Donald Trump’s ambitions for Greenland that would avoid tariffs. Stocks and bonds climbed and gold’s rally cooled as the president claimed a framework of a deal with NATO. Following a cross-asset slide dubbed by some as a revival of the “Sell America” trade, the S&P 500 added 1.2% in its biggest advance since November. All of its major industries rose, with the gauge back in the green for 2026. Energy shares led gains, hitting all-time highs. Small caps beat the US equity benchmark for a 13th straight session. Big tech also jumped. Global stocks were set to extend a rally after US President Donald Trump abandoned his tariff threat against Europe, easing concerns about a renewed trade war. Contracts for European stocks rose 1% after Asian shares followed Wall Street higher on comments from Trump. US equity-index futures also gained, signaling the rally may extend.

Stocks, bonds and the dollar fell after President Donald Trump threatened tariffs on various European countries before high-level meetings in Davos amid a growing standoff over his ambitions to take over Greenland. Bitcoin plunged. Gold hit all-time highs. The renewed tensions drove the S&P 500 down 2.1%, erasing its 2026 gain. A gauge of equity volatility jumped to the highest since November. Long-term US yields hit a four-month high, with investors also reacting to a rout in Japanese bonds and news that a Danish pension fund is planning to exit Treasuries. The dollar slid against most major currencies. Japanese bonds rebounded after a selloff that rippled through global debt markets, and US equity-index futures rose as volatility showed signs of easing.

Stocks slumped and gold hit a fresh record as trade tensions between the US and Europe flared over President Donald Trump’s push to take control of Greenland. Futures for the S&P 500 fell nearly 0.9% while those for the Nasdaq 100 sank 1.1%. Europe’s Stoxx 600 headed for its worst day in two months, fueled by losses in luxury and auto shares. Gold topped $4,670 an ounce. The dollar dipped 0.3% as the Swiss franc outperformed. US markets were shut for a public holiday. Trump’s threat to impose levies on countries opposing his bid to claim authority over Greenland risks reigniting the volatility that rattled markets in the early months of his second term. The selloff deepened after European officials signaled they were unlikely to back down and were considering retaliation.

Hopes for another buoyant day across asset classes were deflated at midday over concern President Donald Trump is cooling on his dovish front runner to head the Federal Reserve. Treasuries dropped across the curve as traders slightly dialed back expectations for Fed rate cuts this year. The S&P 500 struggled to gain much traction and was heading toward a weekly decline despite a rally in giant chipmakers. Small caps kept rising, with the Russell 2000 beating the US equity benchmark for an 11th straight session. European stocks and US futures fell while havens such as gold rallied after President Donald Trump threatened levies on countries opposing his plans to acquire Greenland. The euro and Swiss franc advanced.

Stocks rebounded as a blowout outlook from an artificial-intelligence bellwether revived hopes about the longevity of a key bull-market driver while signs of economic strength lifted small caps. A gauge of chipmakers hit all-time highs as Taiwan Semiconductor Manufacturing Co., Asia’s most valuable company, assuaged concerns about the sustainability of current data-center spending. Nvidia Corp. jumped over 2% and ASML Holding NV notched a record. Small caps kept rising, with the Russell 2000 beating the S&P 500 for a 10th straight session — the longest streak since 1990. The record-breaking stock rally gained fresh momentum as concerns about overheating in the technology sector eased after the blowout results from a chip bellwether.

US stock futures pointed to the firstback-to-back losses of 2026 as traders watched for an American response to the protests in Iran. Metals topped all-time highs. Contracts on the S&P 500 fell 0.5% as concerns grew over the potential fallout from unrest in the OPEC producer and the threat of intervention by US President Donald Trump. Reuters reported that some personnel have been advised to leave a US air base in Qatar. European shares wavered, while Asian equities extended their outperformance on optimism that a likely election in Japan could cement Prime Minister Sanae Takaichi’s pro-stimulus agenda. Bitcoin climbed above $95,000 for the firsttime since November, signaling strong demand for some riskier assets.

Wall Street traders sent stocks lower as inflation data failed to alter bets on a pause in Federal Reserve rate cuts while JPMorgan Chase & Co. led a slide in banks after its results. Bonds wavered. The dollar rose. Signs that price pressures are gradually abating gave a degree of comfort to investors in the immediate aftermath of the data, but the moves across asset classes waned as the session progressed. The S&P 500 fell from a record. JPMorgan sank 4.2% as investment-banking fees missed the guidance, with revenue from both underwriting and advising on mergers dropping. Global stocks headed for a record high close after US inflation data eased concerns about price pressures and investors bought into the AI-fueled rally. Metals led gains among commodities.

Stocks and bonds bounced from session lows, but caution remained on Wall Street after the Trump administration escalated its attack on the Federal Reserve, raising concern about central bank independence. While the S&P 500 erased its drop and hit a new record, unease over interference in monetary policy kept a lid on the market. Capital One Financial Corp., American Express Co. and JPMorgan Chase & Co. sank as President Donald Trump called on credit-card companies to cap rates at 10% for a year. Alphabet Inc.’s value rose to $4 trillion. The rally in stocks extended into Asia, where cheaper valuations and higher growth prospects drew investors broadening their focus beyond US markets.