Meanwhile, volatility picked up as investors reacted to policy signals and sharp moves in metals. The 10-year Treasury yield eased to about 4.24%, while in commodities, oil gained (CM:CL) 0.5% to $65.55 a barrel, while Bitcoin (BTC) slipped 1.45% to $83,914.82.
However, the biggest story of the week came from precious metals. Gold (CM:XAUUSD) fell 3.56% to $5,067.50, while silver saw one of its worst days in decades.
Turning to macro drivers, gold and silver plunged after President Donald Trump nominated Kevin Warsh as the next chair of the Federal Reserve. The move eased investor concern about central bank independence and sent the dollar sharply higher. Spot silver (CM:XAGUSD) dropped about 28% to $83.45 an ounce, while silver futures fell more than 31% to $78.53. Spot gold slid roughly 9% to $4,895.22, and gold futures settled down more than 11% at $4,745.10.
As trading continued, selling pressure intensified as crowded positions unwound. Matt Maley of Miller Tabak said, “Most of this is probably forced selling,” pointing to leverage and margin calls in silver trades.
In addition, Evercore ISI vice chairman Krishna Guha said the market was “trading Warsh hawkish,” which supported the dollar and hurt metals. At the same time, he warned against overdoing the trade and noted that Warsh is seen as a pragmatist rather than a strict hawk.
Even so, the selloff followed a strong run in 2025, when gold rose 66%, and silver surged 135%. Katy Stoves of Mattioli Woods described the move as a broad reassessment of crowded trades, similar to past swings in AI-focused stocks.
In equities, several company stories stood out as investors weighed earnings and strategy. Apple Inc. (AAPL) reported record iPhone revenue in its fiscal first quarter, despite ongoing doubts around AI features. During the earnings call, CEO Tim Cook said demand was driven by hardware strengths, noting, “It’s the display. It’s the camera. It’s the performance.”
Notably, AI and Siri were absent from the list, reinforcing the view that replacement demand remains the key driver of sales.
Shares of Apple rose about 0.5% after the report, despite some investors focusing more on AI progress than near-term profits. Still, the results showed that strong product cycles can offset slower AI rollouts.
Elsewhere, Walt Disney Company (DIS) drew attention after reports that CEO Bob Iger may step down before his contract ends this year. The news added uncertainty around succession and weighed on sentiment toward the stock.
In technology, Tesla Inc. (TSLA) rose more than 3% after reports that SpaceX is considering a merger with Tesla or xAI. Investors reacted more positively to the deal talk than to Tesla’s recent earnings, which showed weaker revenue trends.
Finally, private markets stayed in focus after reports that OpenAI is planning a fourth-quarter IPO. The company is also seeking to raise up to $100 billion in private funding, with Amazon (AMZN), Microsoft Corporation (MSFT), and Nvidia Corporation (NVDA) reported as potential backers.
Looking ahead, markets will remain sensitive to Fed signals, dollar moves, and any follow-through in commodities.
Investors will also watch whether earnings strength can offset policy uncertainty as the month of February begins.
The first full week of February brings another dense earnings and dividend calendar, with megacap technology, healthcare, energy, and consumer companies in focus. Investors will look for updates on demand trends, margins, and capital allocation as earnings season moves deeper into results from market leaders.
Several large companies will trade ex-dividend during the week.
