Market Recap - Monday January 26, 2026
Markets Climb as Tech Leads, Dollar Slides, and Precious Metals Surge
Stocks finished mostly higher today as investors bounced back from last week’s choppy and weaker trading. The Dow rose 0.64%, the S&P 500 gained 0.50%, and the Nasdaq climbed 0.43%, while small-cap stocks lagged with the Russell 2000 down 0.36%. Big technology stocks led the way, driven mainly by Apple, although Tesla slipped. Strength showed up across networking and communications, software, semiconductor equipment, banks, credit card companies, and energy services. On the flip side, more defensive sectors like healthcare and utilities struggled, along with transports, autos, homebuilders, and several consumer-facing stocks. Overall, investors showed renewed appetite for risk, but participation was uneven, with small and speculative stocks still under pressure.
In the bond market, Treasury yields edged lower, helping support stocks. A U.S. Treasury auction of two-year notes was well received, signaling healthy demand for government debt. The dollar weakened sharply to its lowest level in about four months, largely driven by a stronger Japanese yen as investors speculated that Japan could intervene to support its currency. Precious metals surged as investors looked for protection from political and currency uncertainty — gold jumped more than 2% to above $5,000 per ounce, and silver soared 14% for its biggest one-day gain since 1985. Oil prices slipped modestly, and Bitcoin futures declined nearly 2%.
Economic data added to the cautiously optimistic tone. New orders for durable goods (big-ticket manufactured items like machinery and equipment) rose much more than expected in November, and business investment data also beat forecasts. Regional manufacturing data from Texas showed improvement compared with December. These numbers reinforced the idea that the economy remains resilient despite higher interest rates and global uncertainty. At the same time, headlines kept markets on edge: trade tensions resurfaced after President Trump threatened new tariffs on Canada and European officials expressed frustration over trade negotiations. Concerns about a possible U.S. government shutdown also grew after Democratic leaders signaled opposition to a key funding bill tied to homeland security.
Corporate news was busy, with earnings season gaining momentum. Baker Hughes reported strong results thanks to demand for gas technology equipment, and several banks posted solid earnings. Nvidia-related investment headlines boosted AI-linked companies, while some semiconductor names fell after Samsung secured a major chip deal. On the downside, Revolution Medicines plunged after takeover talks with Merck reportedly cooled, and Booz Allen dropped sharply after the Treasury Department canceled contracts over data security concerns. Overall, stock-specific news drove large moves across the market, highlighting how sensitive investors are to both earnings and policy developments.
Here’s Our Take
Today’s rally shows that investors are still willing to buy stocks when economic data looks solid and interest rates stabilize, even with political noise in the background. The big themes right now are a weakening dollar, a surge in gold and silver as safe havens, and growing focus on earnings — especially from major tech companies reporting later this week. Trade tensions and shutdown risks remain wild cards, but the broader picture is one of cautious optimism: the economy is holding up, earnings are still growing, and leadership in the market is slowly broadening beyond just the biggest tech names. For now, markets appear to be balancing resilience with real headline risk, setting up a potentially volatile but opportunity-rich week ahead.
P.S. Know someone who’d appreciate smarter stock insights and clearer investing strategies? Forward this email or share this link: subscribe.triplegains.com
Triple Gains - Stock Analysis - Thematic Insights - Portfolio Strategy
DISCLAIMER: The content provided in this newsletter does not constitute investment advice, financial advice, trading advice, or any other form of personal recommendation. Nothing in this newsletter should be interpreted as a suggestion to buy, sell, or hold any investment or security. All content is for general informational purposes only and should not be relied upon for making investment decisions. Readers should conduct their own research and consult qualified financial advisors before making any investment decisions. To read our full disclaimer, click here.