4:12pm: Weekly losses
US stocks finished a volatile week on Wall Street mixed. The Nasdaq added 0.3% at 23,501 points, the S&P 500 was little changed at 6,915 points, while the Dow Jones fell 0.6% at 49,098 points. All three indexes finished the week on a loss.
3:45pm: Proactive news headlines
- MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF, FRA:0C0) closed a non-brokered private placement raising $2 million by issuing 4 million units at $0.50 each under the listed issuer financing exemption.
- American Resources Corp (NASDAQ:AREC) said its subsidiary Electrified Materials Corp. has begun receiving initial 2026 shipments of end-of-life lithium-ion batteries at its Noblesville, Indiana site from domestic and international partners.
- Medicus Pharma (NASDAQ:MDCX) marked the one-year anniversary of its Nasdaq listing by ringing the opening bell in New York, with CEO Raza Bokhari calling it a milestone reflecting the company’s post-IPO progress and execution.
- OKYO Pharma Ltd (NASDAQ:OKYO) said the FDA has authorized a single-patient expanded access investigational new drug application for its eye therapy urcosimod to treat severe neuropathic corneal pain.
3:05pm: Market movers
- Voyager Technologies (NYSE:VOYG) moved higher after Wedbush initiated coverage with an ‘Outperform’ rating and $46 target, citing strong positioning in defense, space, and space station markets, sending shares up 7.9% to around $37.
- Intel Corp (NASDAQ:INTC, XETRA:INL) shares fell over 14% after earnings as analysts flagged supply constraints, margin pressure, and a slow path to profitability, with Jefferies maintaining a Hold and $45 target.
- MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF, FRA:0C0) closed a $2 million non-brokered private placement, issuing 4 million units at $0.50 each, including one common share and one warrant per unit.
- Nvidia Corp (NASDAQ:NVDA, XETRA:NVD) shares rose after reports that China may allow major tech firms to begin ordering Nvidia’s H200 AI chips, signaling potential approval for advanced AI imports.
1:45pm: Relief rally fades
Stocks rallied briefly after President Donald Trump sought to ease geopolitical and trade tensions, but the rebound quickly faded as investors questioned the durability of any policy assurances, according to Ipek Ozkardeskaya, senior analyst at Swissquote.
Ozkardeskaya said sentiment flipped during Trump’s Davos speech, when he ruled out using military force to take Greenland and signaled progress with NATO allies that could justify rolling back recent tariffs on some European countries. “It took the US president a single minute to flip sentiment from fear to greed,” she said, noting that the comments initially sparked a rally.
However, she warned that confidence remains fragile as markets adjust to the second year of the Trump administration. “As we enter the second year of the Trump administration, it is increasingly clear — even for those who still had doubts — that US deals and agreements offer little guarantee of stability,” Ozkardeskaya said, adding that new tariffs could be announced at any time.
That uncertainty likely capped gains, with the S&P 500 rising less than 1% on Thursday and remaining below its weekly opening level, a pattern also seen in the Nasdaq 100, she said.
12:20pm: Deutsche Bank: Fed likely to hold rates
Deutsche Bank expects the Federal Reserve to keep interest rates steady, with Chair Jerome Powell presenting a slightly more upbeat economic outlook. The policy statement is likely to describe growth as “solid,” note tentative stabilization in unemployment, and hint at improving risks to the outlook.
Powell’s press conference may address recent non-economic developments, including the Department of Justice subpoena, Governor Cook’s case, and speculation over future Fed leadership. On policy, Powell is expected to describe rates as “well positioned” and near neutral, while highlighting downside risks in the labor market.
Deutsche Bank continues to anticipate no rate changes for the rest of Powell’s term, with a potential cut only in September, noting that weaker labor data could prompt earlier easing, but overall policy appears appropriately set.
11:20am: Silver hits $100
Silver surged to $100 an ounce for the first time, fueled by a weaker US dollar, ongoing geopolitical tensions, and rising economic uncertainty, according to Axel Rudolph, Chief Technical Analyst at IG.
"The precious metal's surge has been reinforced by a historic short squeeze, strong industrial and retail investor demand and tighter Chinese export controls, which have exacerbated supply concerns and added further momentum to the rally," Rudolph said.
Rudolph also noted pressure on the US dollar from shifting US–Europe dynamics and expectations that the Federal Reserve will hold interest rates steady at next week’s meeting, while pricing in possible rate cuts later in the year.
10:35am: Consumer sentiment beats estimates
Final January readings from the University of Michigan show consumer sentiment at 56.4, above the 54 expected.
One-year inflation expectations came in slightly lower than forecast at 4.0% versus 4.2%, while the five-to-ten-year outlook eased to 3.3% from an anticipated 3.4%.
"The wealth effect is alive and well with consumers," said Jamie Cox, Managing Partner for Harris Financial Group. "It's hard to be negative with GDP over 4%."
9:55am: Gold continues to rally
US stocks were on the back foot early Friday as investors eased into the session with a cautious tone after a noisy week of headlines.
The Dow Jones was down 0.7%, or about 345 points, shortly after the open, while the S&P 500 slipped 0.2%. The Nasdaq was little changed, hovering just below flat, and the small-cap Russell 2000 fell 0.6%.
Earnings were doing some of the heavy lifting. Intel shares were tumbling nearly 16% after the chipmaker’s results and outlook failed to justify a stock that had already surged 47% so far in 2026. Nvidia, meanwhile, was moving higher after China said top tech firms may prepare orders for Nvidia’s H200 chips, according to Bloomberg.
Deal news was also in focus, with Capital One agreeing to buy fintech firm Brex for $5.15 billion in cash and stock. Elsewhere, Bank of America and Citigroup were reportedly considering new credit cards with introductory rates capped at 10%, while Amazon is said to be nearing a second round of job cuts.
On the macro front, investors were looking ahead to January flash PMI data and a final reading of consumer sentiment later in the morning. Gold continued to shine, extending gains after breaking above $4,900 an ounce on Thursday, helped by a bullish Goldman Sachs call for $5,400 gold by the end of 2026.
As Pepperstone’s Michael Brown put it, after days of headline chaos, markets were finally getting a breather — with today’s PMI data set to offer an early check-in on how the year is really starting to unfold.
8am: Red start predicted
Futures point to a negative start for US stocks when trading gets underway in an hour and a half, as a volatile week for equities draws to a close.
Dow Jones futures are down 0.2%, with the S&P 500 and Nasdaq off around 0.1%. Gold has retreated to $4,922.89 an ounce after hitting a record overnight. Tech shares are under pressure following a disappointing update from Intel.
The chipmaker reported a quarterly loss and weaker sales guidance, struggling to meet demand for AI server chips. Its shares fell more than 10% before the open.
Concerns over Washington’s trade stance also weighed, after President Donald Trump earlier in the week threatened tariffs on NATO allies over Greenland. Bank of America said nearly $17 billion flowed out of US equities recently, while European and Japanese funds saw their strongest inflows since mid-2023, according to EPFR Global.
Wall Street closed solidly higher on Thursday, with the Dow Jones and the S&P 500 both adding 0.6%, while the Nasdaq outperformed with a 0.9% gain.
"Stocks this morning are a tad mixed, with the FTSE 100 rising a quarter of a percent, while the DAX and CAC were mildly weaker," commented Saxo Markets' Neil Wilson. "US markets rose yesterday off the back of President Trump’s decision to remove the threat of tariffs over Greenland. A sharp selloff on Tuesday has largely been reversed, though the S&P 500 is still not back to where it was at Friday’s close.
Asian markets closed firmer, with Tokyo's Nikkei 225 and Shanghai's SSE Composite gaining 0.3%, while the Hang Seng in Hong Kong closed 0.5% firmer. South Korea's KOSPI rose 0.8% and the ASX 200 in Sydney added 0.1%.
Meanwhile, gold hit a new record of $4,967 an ounce overnight as geopolitical tensions remain elevated.
"The extreme tail risk of a US military intervention in Greenland was never being priced by markets," Wilson added.