4:15pm: Stocks slide, silver surges
The Dow Jones led the declines on Wall Street, down 0.9% at 49,158 points at Tuesday’s close. The S&P 500 fell 0.3% at 6,957 points and the Nasdaq was down 0.1% at 23,709 points.
While gold pulled back to below $4,600, silver added 1.5% to $86 per ounce, which marked an all-time high for the metal.
Fawad Razaqzada, City Index market analyst, said a rally of this scale tends to leave the market stretched.
“With the dollar making a bit of a comeback and the potential for supply to catch up, I am on the look out for signs of a correction to emerge soon. For now, though, dip-buying continues to rule,” Razaqzada said.
"While silver has been supported by many other factors including haven demand and interest rate cuts, the main factor behind the eye-watering gains has been due to short-term tightness in supply. For that reason, it is difficult to say how much further will silver rise and how long it will be able to sustain itself at current record levels.”
3:30pm: Proactive news headlines
- Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF) has provided an update on its El Potrero gold-silver project in Durango, Mexico.
- NanoViricides (NYSE-A:NNVC), a clinical-stage company developing broad-spectrum antiviral drugs, has highlighted the current influenza season as an example of the need for antivirals capable of targeting multiple respiratory viruses.
- Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF) announced that it has initiated a definitive feasibility study (DFS) for its Banio potash project in Gabon, marking the next stage in the project’s development.
- Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF) announced that it has finalized drilling and mobilization plans for the inaugural drill campaign at its Corvo uranium project, located in the eastern Athabasca Basin region.
- Namibia Critical Metals (TSX-V:NMI, OTCQB:NMREF) announced that it has filed an independent National Instrument 43-101 Pre-Feasibility Study (PFS) for its Lofdal Heavy Rare Earths Project 2B-4 in Namibia.
- Arizona Gold & Silver Inc (TSX-V:AZS, OTCQB:AZASF) has announced the appointment of Dr Lex Lambeck as senior vice president of exploration, succeeding Greg Hahn, who will transition to the role of vice chair while remaining on the company’s board of directors.
- G Mining Ventures Corp (TSX:GMIN, OTCQX:GMINF) achieved higher mining rates and steady gold output in the fourth quarter of 2025 at its Tocantinzinho Gold Mine in Brazil, according to preliminary production results released by the company.
- HIVE Digital Technologies (TSX-V:HIVE, NASDAQ:HIVE, BVC:HIVECO) has announced plans to expand into Paraguay through a strategic joint venture with the country’s largest telecommunications operator.
2:30pm: Market movers
- Boeing Co (NYSE:BA, XETRA:BCO) reported its major program deliveries for the fourth quarter and full year of 2025, showing gains across both its commercial and defense operations. Shares were 2.5% higher on the news.
- Delta Air Lines Inc (NYSE:DAL) stock fell almost 3% as the airline reported mixed earnings for the fourth quarter, driven in part by a government shutdown, which impacted travel by 2 points.
- JPMorgan Chase & Co (NYSE:JPM, XETRA:CMC) saw its shares fall 3.5% on Tuesday after the bank reported fourth-quarter 2025 results, with investment banking fees falling short of analyst expectations.
11:55am: Wall Street comes off record highs
Despite cooling inflation and solid bank earnings, US stocks were mixed, attributed by IG senior technical analyst Axel Rudolph to investor fatigue.
The Dow Jones was down 0.6%, the S&P 500 slipped 0.1% and the Nasdaq added 0.3%.
“Despite slowing US core CPI reinforcing Fed rate cut expectations, solid JP Morgan earnings and a slightly upgraded World Bank global growth outlook, investor fatigue seems to have set in,” Rudolph said.
“It was bound to happen at some stage, giving the strong start to the year. In the UK, retail sales growth slowed to a seven-month low in December, highlighting continued pressure on household spending amid elevated living costs."
10:45am: CPI report ‘encouraging’
December’s inflation report has been welcomed by Wells Fargo as ‘encouraging,’ with analysts noting that core CPI rose 12 basis points less than their forecast. This was attributed to a smaller-than-expected rebound in core goods after November’s unusually soft, shutdown-delayed print.
They added that core CPI held steady at 2.6%, with a shelter-related “quirk” likely trimming the year-over-year readings by about a tenth.
“While Q1 seasonality related to companies updating their prices at the start of the year remains a hurdle, the report strengthens our conviction that inflation will continue progressing toward 2% in 2026,” the analysts wrote. “With the labor market still flagging, we expect the FOMC to gradually move the federal funds rate toward neutral in the coming months.”
9:42am: S&P and Nasdaq hold as Dow starts lower
The Dow Jones Industrial Average opened around 149 points or 0.3% lower, to 49,426, whilst the S&P 500 and Nasdaq made positive prints.
At 6,981, the S&P 500 was up 4.69 points or 0.12% and the Nasdaq tacked on 65 points, 0.27%, to 23,799.
It comes after the latest American inflation print, albeit there were no major surprises in the metrics.
“We do not see anything in this inflation report to shift the dial for the Fed, and we expect them to remain mindful of price pressures, as well as institutional pressure to cut rates when the economy could be running hot,” Kathleen Brooks, research director at XTB, said in a note.
9:05am: Inflation in focus
US stocks were flat premarket as inflation showed further signs of moderation in December, according to data released by the Bureau of Labor Statistics.
Core consumer prices, which exclude food and energy, increased 0.2% month over month and 2.6% from a year earlier.
The annual core reading was unchanged from November and marked the slowest pace since March 2021.
Headline inflation rose 0.3% in December and 2.7% year over year, in line with economists' expectations.
Shelter costs were the largest contributor to the monthly increase, rising 0.4%. Food prices climbed 0.7% on the month, while energy prices increased 0.3%.
Several categories, including recreation, airline fares, medical care, apparel, personal care, and education, posted gains, while prices for communication services, used vehicles, and household furnishings declined.
Over the 12 months ended in December, energy prices rose 2.3% and food prices increased 3.1%, while overall consumer prices advanced 2.7%, unchanged from the prior month.
8:04am: Ahead of the bell
US markets look set to hit the pause button on Tuesday, with stock futures pointing modestly lower. Contracts on the Dow, S&P 500 and Nasdaq all edged down after Wall Street closed at fresh record highs the day before. Investors largely brushed aside political noise around the Federal Reserve and stayed focused on data.
Attention now turns to the December consumer price index, due later in the morning. Inflation is expected to remain steady, with annual price growth of 2.7% and a monthly increase of 0.3%. The release carries extra weight after recent jobs data hinted at a cooling labour market.
Rate expectations remain anchored. Markets see almost no chance of a January move and are pricing the first interest rate cut for June, followed by a second later in 2026.
Earnings season is also gathering pace. JPMorgan Chase reported weaker quarterly profits after a $2.2 billion hit linked to its Apple Card business, though the shares held up. Results from Bank of America, Citigroup and Morgan Stanley follow shortly.
Geopolitics added background risk. President Trump warned of new tariffs on countries trading with Iran, raising fresh uncertainty just as markets assess inflation, policy and profits.