State of the Market Reports

Midday Update February 1, 2026 • 12:03 PM

Midday State of the Market: Metals crack, defensives firm, tech wobbles as policy headlines crowd the weekend

Yields steady near recent marks, crypto under pressure, energy steadies into an OPEC+ weekend; shutdown politics and the Fed chair narrative set the next opening tone.

Metals cracked hard Friday, with GLD and SLV tumbling while oil steadied into an OPEC+ weekend.
Defensives firmed as XLV and XLP gained against prior closes, while XLK lagged and IWM underperformed.
Treasury yields held near recent marks, and long duration eased modestly as bonds avoided an extreme reaction to the Fed chair narrative.

Midday Update January 31, 2026 • 12:04 PM

Midday read: Tech still wobbles, defensives steady the tape, and metals nurse a rare shock

Yields hold their ground, energy and staples lean higher, Bitcoin hovers near 80k, and the Fed debate shifts from who to how.

Rotation day tone: tech heavy, defensives firmer, energy modestly higher.
Treasury yields steady, with the 10-year near 4.24% and the curve still cautious.
Gold and silver absorb a rare shock as the “debasement” trade unwinds; GLD and SLV are sharply lower vs prior close.

Market Close January 30, 2026 • 4:03 PM

A Risk-Off Close With a Growth Hangover, and a Very Loud Metals Reversal

Tech took the hit, defensives held the line, energy stayed bid, and gold and silver cracked hard. Under it all, the market is still trying to price what “Fed independence” means in real time.

Risk-off close: SPY 691.86 vs 694.04, QQQ 621.81 vs 629.43, IWM 259.65 vs 263.37
Defensives led: XLP 83.50 vs 82.13 and XLV 154.79 vs 153.82
Tech lagged: XLK 143.90 vs 146.87, with megacap performance mixed to lower

Midday Update January 30, 2026 • 12:06 PM

Midday markets lean defensive as yields edge up and gold cracks; tech lags, energy firms

The tape fades into the afternoon with SPY, QQQ, DIA, and IWM all lower, defensive sectors carry the bid, and a hawkish-tinged policy debate collides with geopolitics and a violent reset in precious metals.

Stocks trade lower midday with SPY, QQQ, DIA, and IWM all below prior closes as investors favor defensives over growth.
Yields edge up, the dollar firms, and gold collapses from recent highs, signaling a sharp reset in the metals trade.
Energy steadies after crude’s jump on Middle East risk, while integrated oil earnings highlight record output versus softer realizations.

Market Open January 30, 2026 • 9:28 AM

Risk-off open as Fed succession headlines stiffen yields, metals tumble, and oil stays bid

Tech wobbles again after Microsoft’s slide, while financials and energy try to take the baton. The Warsh chatter tightens the policy mood. That matters for duration, defensives, and the dollar trade.

Premarket tone is risk-off as SPY, QQQ, DIA, and IWM trade below Thursday’s close while financials and energy try to lead.
Warsh headlines and a sharp end‑year rise in wholesale prices firm the policy mood, lifting long yields and pressuring duration.
Gold and silver are sharply lower; oil stays bid on U.S.–Iran risk; natural gas ticks higher.

Market Close January 29, 2026 • 4:02 PM

Close: Big Tech Finally Blinks, Commodities Don’t

A sharp reset in mega-cap software hit the Nasdaq, while energy and cyclicals leaned on geopolitics and old-fashioned cash flows. Bonds stayed oddly composed, even as the dollar wobble lingered in the background.

Growth took the hit, value and cyclicals held up, with QQQ down and DIA, IWM roughly flat.
Microsoft’s collapse dominated the tech narrative, while Meta surged and Nvidia held steady to higher.
Energy and broad commodities stayed bid, with USO jumping sharply on Iran-related headlines.

Midday Update January 29, 2026 • 12:05 PM

Midday market: Energy surges on oil spike while megacap tech slips; yields firm, gold cools

The tape leans defensive beneath the surface. SPY and QQQ are lower, XLE and financials are bid, crude jumps on geopolitical risk, and long yields edge higher as the dollar narrative stays unsettled.

Energy leads as oil spikes on heightened geopolitical risk; XLE is higher while tech lags.
SPY and QQQ trade below yesterday’s close; DIA and IWM are also softer midday.
Microsoft, Nvidia, and Alphabet weigh on XLK; Meta trades higher.

Market Open January 29, 2026 • 9:29 AM

Gold rockets, oil jumps, yields firm: a haven bid collides with higher-for-longer at the open

Pre-market tone skews risk-on for energy and metals while megacap tech looks mixed and long bonds stay heavy. The tape is testing the market’s “own real things” mantra against still-sticky rates.

Energy and metals lead pre-market as oil and gold jump, while long bonds soften and the dollar stays weak.
SPY and QQQ edge higher in extended hours; DIA and IWM trail, underscoring a rotation toward large-cap energy and select tech.
XLE is bid on crude strength; XLK is mixed as software dispersion widens; defensives lag with XLV, XLP, XLY softer.

Market Close January 28, 2026 • 4:02 PM

Close: A quiet index finish, loud cross-currents underneath, with metals and energy stealing the spotlight

Big tech held up just enough to keep the broad tape steady, but small caps slipped, healthcare sagged, and the real action stayed in the macro hedges: gold and silver ripped higher while crude pushed to fresh momentum.

Mega-cap growth led again as QQQ rose while IWM slipped, keeping breadth questions alive into the next session.
Gold and silver stole the close, with GLD surging and SLV extending gains, a loud signal of hedging demand.
Energy stayed bid as oil-related headlines drove strength in USO and XLE, while natural gas eased.

Midday Update January 28, 2026 • 12:04 PM

Midday: Chips charge, gold gleams, oil firms — but the tape stays split ahead of Powell

Semiconductors and energy lean higher, haven metals rip, small-caps lag, and long bonds fade as traders brace for the Fed press conference.

Semiconductors and AI-adjacent names lead as memory and equipment headlines stoke the supply cycle.
Gold and silver extend their runs, while crude grinds higher and the energy sector advances.
Broad equity tone is mixed: QQQ up, SPY flat-to-softer, DIA slightly higher, IWM lower.

Market Open January 28, 2026 • 9:30 AM

Chips power the Nasdaq premarket while insurers weigh on the Dow; gold and oil surge into Fed day

Risk appetite leans toward growth and energy as health care stumbles and the dollar stays soft. Powell’s words now carry the most weight.

Nasdaq-100 leans higher premarket on chip strength while the Dow lags on health insurer weakness.
Gold, silver, and oil rally together, pairing a soft dollar with firm long-end yields into Fed day.
Health care remains the notable drag after a Medicare Advantage rate shock; financials are mixed with a negative overseas bank headline in the background.

Market Close January 27, 2026 • 4:05 PM

Close: Nasdaq muscle, Dow bruise, and a loud bid for hard assets

Tech carried the tape while health insurers cratered, long bonds slipped, and gold and silver kept stealing oxygen. The market finished higher, but it did not feel universally healthy.

Tech leadership stayed intact into the close, lifting QQQ while DIA lagged.
Healthcare took a policy-driven hit, with UNH collapsing and XLV underperforming.
Gold and silver surged again, keeping the hard-asset bid in the spotlight.

Midday Update January 27, 2026 • 12:03 PM

Midday market: Tech steadies the tape as managed care collapses, gold clings to record highs, oil inches up

The Dow buckles under a Medicare shock while the Nasdaq climbs. Long yields hover north of 4%, the dollar softens, and traders keep one eye on the Fed and the other on tariff noise.

Tech and utilities lead while health care and financials lag; the Dow sinks on a UnitedHealth rout
S&P 500 and Nasdaq are higher; small caps tread water; mega-cap earnings loom
Long yields hold near 4.24% on the 10-year and 4.82% on the 30-year; curve remains firm

Market Open January 27, 2026 • 9:29 AM

Tech sets the tone into the bell as insurers wobble the Dow, metals stay on a tear

Yields steady, dollar soft, and a Fed week framed by Big Tech results; health-insurer shock hangs over defensive trade

Growth leads into the bell as tech lifts QQQ and SPY, while health insurers weigh on the Dow
Yields are steady to slightly lower, with the 10-year near 4.24%, supporting a mild bid in TLT and IEF
Gold and silver extend gains, aided by a softer dollar tone and policy noise

Market Close January 26, 2026 • 4:06 PM

Close: Stocks grind higher into a crowded week, while gold and silver keep stealing the spotlight

The S&P 500 finished up, but the day’s real tell was elsewhere: defensive leadership, firm Treasurys, and another loud bid in metals as traders sized up the Fed, mega-cap earnings, tariff noise, and a winter-weather hit to activity.

Large-caps finished higher, but small-caps lagged, a classic sign of selective risk appetite.
Utilities outperformed while discretionary faded, reinforcing a defensive tilt inside an up tape.
Gold and silver extended their surge, with GLD up strongly and SLV posting a standout jump.

Midday Update January 26, 2026 • 12:04 PM

Midday: Big Tech steadies the tape as gold and silver sprint; small caps lag, bonds firm into Fed week

Utilities and tech climb together, crude softens, natural gas keeps its storm bid, and the dollar eases while bitcoin stalls below 90k.

Large caps rise while small caps slip, signaling a selective, event-driven bid into Fed and mega-cap earnings week.
Gold and silver extend outsized gains, while natural gas stays hot and crude eases.
Utilities and tech rally together, a classic lower-yield, higher-duration pairing.

Market Open January 26, 2026 • 9:27 AM

Gold roars, gas surges, and small caps stumble into a Fed-and-mega-cap week

The tape is hedging into hard assets while investors crowd around Big Tech and brace for the Fed. Yields are steady, breadth looks fragile, and the winter storm is still rippling through energy markets.

Gold and silver extend record-breaking moves as investors hedge into hard assets ahead of the Fed and mega-cap earnings.
Small caps sag while mega-cap tech leans firmer, pointing to narrow leadership and fragile breadth.
Duration has a modest bid with the 10-year near 4.26% and long bond ETFs higher, reflecting contained inflation expectations.

Midday Update January 25, 2026 • 12:03 PM

Midday read: Metals roar, bonds firm, and stocks split as small caps sag

The tape leans risk-selective, not risk-on. Gold and silver stay in command, energy holds a bid, and the long end eases while Dow and small caps lag the big-tech tilt.

Metals lead while long Treasurys firm, pointing to selective risk appetite rather than broad risk-on.
SPY and QQQ are higher versus prior closes; DIA and IWM lag, signaling weak confirmation from Dow components and small caps.
Sector split: XLK, XLY, XLP, and XLE are up; XLF, XLI, XLV, and XLU are down.

Midday Update January 24, 2026 • 12:03 PM

Midday market: Metals roar, tech steadies, banks lag as yields hold the line

Gold and silver extend a safe‑haven bid while mega‑cap tech stays in gear. Small caps and financials ease with growth signals cooling and a powerful winter storm lifting energy and gas.

Metals lead as gold and silver extend a powerful safe‑haven bid, with GLD and SLV up versus prior closes.
Mega‑cap tech is steady to higher, led by MSFT, NVDA, META and AMZN, while AAPL and GOOGL ease.
Banks and industrials lag as growth surveys cool and policy noise hangs over consumer credit.

Market Close January 23, 2026 • 4:05 PM

Close: A Risk Tape With a Hard-Asset Accent

Stocks finished split by style, bonds caught a bid, and commodities stole the show as gold and silver surged while small caps and industrial bellwethers sagged.

A split close: SPY edged up while QQQ outperformed, but DIA and IWM finished lower, signaling uneven risk appetite.
Financials weakened as XLF fell and major banks and brokers (JPM, BAC, GS) closed down.
Hard assets dominated: GLD and SLV surged, with broader commodities (DBC) and energy (USO, UNG) also higher.

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