Market Highlights

Another burst of heavy selling pummeled software stocks and crypto, with weak jobs data exacerbating an equity rout spurred by concern over the impact of artificial intelligence on valuations. Bitcoin took one of its biggest tumbles yet. In late hours, Amazon.com Inc. plunged after its results. Stocks extended a slide from near-record levels, with the S&P 500 falling 1.2%. The Nasdaq 100 saw its worst three-day rout since April’s meltdown. The most-popular digital token tumbled to around $63,000 in a selloff that cut its value by nearly half since October. Treasuries climbed, sending two- year yields to the lowest level this year. Silver plummeted about 20%. A selloff in equities showed signs of easing as Friday’s session progressed, suggesting selling pressure was starting to abate after steep declines in US tech stocks. Precious metals also stabilized after a volatile start.

Wall Street traders kept driving a rotation out of technology giants, whose all-weather earnings made them safe bets at times of economic uncertainty, and into a broader category of companies tuned to improving growth prospects. Bitcoin extended its selloff. Stocks pared losses as nuclear talks between the US and Iran appeared on track after an earlier report said they had hit a snag. While the S&P 500 was mildly lower, most of its shares rose. The Nasdaq 100 slid 1.8%. A slump in technology stocks snowballed into Asia as mounting anxiety over frothy valuations and massive artificial intelligence spending drove investors to trim exposure.

A tech selloff dragged down stocks from near-record levels amid a rotation into economically sensitive shares. A flare-up in geopolitical risks lifted oil while gold bounced after a historic rout. Bitcoin hit the lowest since November 2024. The plunge in software makers came as Anthropic’s automation tool heightened concerns their core businesses are at risk. The S&P 500 fell 0.8% and the Nasdaq 100 slid 1.6%. News the US Navy shot down an Iranian drone headed toward an aircraft carrier in the Arabian Sea also weighed on sentiment. In late hours, Advanced Micro Devices Inc. gave a disappointing forecast. Software stocks slid from India to Japan, following declines in their US peers, on concern advances in artificial intelligence will undermine traditional business models.

Stocks climbed after solid factory data bolstered optimism about Corporate America while losses in gold and silver moderated after a dramatic rout. Bonds fell. The dollar saw its biggest two-day gain since April. The S&P 500 closed near its all-time highs, with economically sensitive sectors leading the way as manufacturing activity expanded the most since 2022. The Russell 2000 index of small firmsrose 1%. While gold dropped, it pared an earlier plunge. Oil slumped as geopolitical premiums faded after President Donald Trump said Washington is talking with Iran. Asian equities rebounded from their worst selloff in more than two months as a recovery in gold and silver helped steady markets after Monday’s volatility, while technology stocks rallied.

The biggest dollar rally since May accelerated a plunge in precious metals as President Donald Trump announced his pick for the Federal Reserve’s top job: Kevin Warsh, who’s seen as less supportive of deep rate cuts and more worried about inflation. Stocks fell. Bonds were mixed. As the greenback rose against all major currencies, it pared a January slide. Long-term Treasuries underperformed. Money markets didn’t react meaningfully to the announcement, with traders actually slightly increasing bets on two Fed cuts in 2026. A drop in commodity and tech shares dragged down the S&P 500, which still notched its best month since October. Gold and silver extended their slump with stocks, as assets that had performed the best in January came under intense selling pressure following Friday’s dramatic market reversal.

Wall Street saw a sharp bounce from session lows as dip buyers stepped in following a slide driven by concerns over whether the unprecedented spending on artificial-intelligence will justify all that capital. The S&P 500 fell 0.1%. The Nasdaq 100 slipped 0.5%. The Russell 2000 was little changed. The yield on 10- year Treasuries slid one basis point to 4.23%. The dollar barely budged while still heading for its worst month since the April tariff-fueled meltdown. Bitcoin dipped below $85,000. Gains in economically sensitive shares almost erased the drop in the S&P 500, which earlier sank as much as 1.5%. Meta Platforms Inc.’s solid outlook eased worries about its spending plans. Microsoft Corp. tumbled the most since 2020 on concern it could take a while for AI investments to pay off. In late hours, Apple Inc. posted strong results. Amazon.com Inc. was said to be in talks to invest as much as $50 billion in OpenAI. The market moves suggest traders are increasingly pricing in Warsh as the next Fed chief by scaling back their expectations for policy easing. Tighter monetary conditions would likely rein in growth expectations, cooling the stock market, while higher interest rates would weigh on bonds and support the dollar.

The Federal Reserve’s decision to leave rates steady sent stocks and bonds wavering, with Jerome Powell refraining from signaling any imminent resumption of rate cuts amid a solid economy. The dollar rose as Treasury Secretary Scott Bessent touted a strong currency. Bonds barely budged. Following a tech-led rally that drove the S&P 500 briefly above 7,000, equity gains faded. In late hours, Meta Platforms Inc. jumped on a bullish outlook. Tesla Inc. climbed as profit beat estimates. Microsoft Corp. sank as record spending raised concerns that it will take longer than expected for artificial-intelligence investments to pay off. The record-breaking rally in commodities gained fresh momentum as gold, copper and silver hit all-time highs amid a weaker dollar and rising geopolitical tensions.

Wall Street traders sent stocks to all-time highs on speculation that solid corporate earnings will keep powering market gains. The dollar slid to an almost four-year low. Gold topped $5,100. Not even a slump in consumer confidence prevented an advance that put the S&P 500 close to 7,000. Tech led gains before megacap results. UnitedHealth Group Inc. paced losses in insurers on a disappointing forecast and as the US proposed holding payments to private Medicare plans flat next year. In late hours, Texas Instruments Inc. gave a strong outlook. Technology stocks drove global equities higher after a sharp acceleration in orders at ASML Holding NV added fresh fuel to the artificial-intelligence trade. The dollar steadied after its worst performance since 2022.

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.