State of the Market

Daily market briefings published at Open, Midday, and Close. Structured analysis of price action, macro context, sector leadership, and cross-asset signals.

These reports document what the market is doing right now, not predictions. They provide context, structure, and continuity throughout the trading day.

● Market Pulse: Rotational

Updated 12:30 PM ET

Megacap tech and S&P drift higher while small caps and cyclicals lag; gold and utilities bid, bonds weakening.

SPY ↑

QQQ ↑

DIA ↓

IWM ↓

TLT ↓

Market Reports

Three reports per trading day: Open, Midday, and Close

All Dates Today Yesterday

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.

Midday Update January 23, 2026 • 12:04 PM

Midday market: Tech and energy pull higher, banks sag, and gold rips as small caps retreat

A split tape into midday: QQQ advances while DIA and IWM slip, commodities firm across the board, long bonds tread water, and policy noise remains an ever-present crosscurrent.

Split tape at midday: QQQ higher, SPY near flat, DIA and IWM lower.
Energy and tech lead while financials, industrials, utilities, and health care lag.
Precious metals rally hard, with GLD and SLV surging alongside firm oil and natural gas.

Market Open January 23, 2026 • 9:29 AM

Risk-on open meets a gold rush

Stocks point higher as yields ease, mega-cap tech regains footing, and gold rips in premarket. Utilities lag, Bitcoin slips below 90,000, and policy whiplash remains the market’s background noise.

Equities point higher into the open, led by growth and small caps, as yields ease.
Gold jumps again, tracking calls for stronger central bank and private demand; silver follows.
Utilities and staples lag while tech, financials, and energy lean higher.

Market Close January 22, 2026 • 4:05 PM

Close: Relief Rally Holds, but the “Hedge Bid” Never Left the Building

Stocks finished higher across the board as trade-war anxiety cooled, yet gold and silver surged and bitcoin stayed heavy, a classic split-screen tape as inflation remains stuck near 3% and yields stay elevated.

Broad U.S. equity ETFs closed higher, with SPY +0.51%, QQQ +0.73%, DIA +0.59%, IWM +0.75%.
Tech and consumer discretionary led, XLK +0.76% and XLY +1.00%, while utilities and industrials lagged, XLU -0.71%, XLI -0.52%.
The market’s “hedge bid” stayed strong as gold and silver surged, GLD +1.86% and SLV +3.75%, even with equities up.

Midday Update January 22, 2026 • 12:06 PM

Midday market: Rebound holds as tech and banks climb, gold gleams, oil cools, bitcoin slips under $90K

Yields hover near recent highs while inflation prints stay sticky around 3%. Risk appetite improves after tariff tensions ease, but defensives lag and crypto stumbles.

Stocks extend Wednesday’s rebound, with SPY, QQQ, DIA and IWM trading above prior closes while defensives lag.
Gold and silver advance even as equities rally, while oil dips and natural gas climbs.
Treasury yields hover near recent highs, with the 10-year around 4.3% and 30-year near 4.91%.

Market Open January 22, 2026 • 9:28 AM

Risk appetite creeps back into the open as tariff chill lifts and bonds stabilize

Pre-bell bids lift large caps and small caps in tandem. Yields remain elevated versus last week, gold stays firm while silver fades, natural gas surges, the euro edges up, and crypto stays cautious.

Pre-bell bids point to a higher open for SPY, QQQ, DIA, and IWM after tariff tensions cooled.
Yields remain elevated versus last week, but Treasuries are stabilizing with TLT and IEF higher pre-bell.
Gold is firm while silver dips, signaling selective hedging rather than broad fear.

Market Close January 21, 2026 • 4:06 PM

Relief Rally Into the Close, but the ‘Why’ Still Feels Fragile

Stocks bounced after Tuesday’s shock, small caps and cyclicals showed up, and energy rode a cold-weather bid. Gold stayed firm. Netflix stayed heavy. The tape calmed down, but it did not get comfortable.

Broad relief rally into the close, with small caps leading and cyclicals back in command.
Energy was a standout, with XLE up about 2.44% and UNG up about 10.18% as cold-weather gas narratives intensified.
Gold stayed firm, GLD up about 1.48%, suggesting hedging demand did not unwind with the stock rebound.

Midday Update January 21, 2026 • 12:05 PM

Midday market: Risk reappears as Davos tone cools tariff angst; energy and gold pace the rebound

After Tuesday’s tariff shock, the tape leans risk-on with cyclicals in front, bonds steadier, and havens still drawing capital.

Stocks are rebounding after Tuesday’s tariff shock, with SPY, QQQ, DIA, and IWM all higher by midday.
Energy leads the bounce as XLE climbs alongside gains in USO and a sharp spike in UNG on Northeast cold.
Gold’s bid persists via GLD even as equities rise, signaling continued hedging demand; silver cools from record chatter.

Market Open January 21, 2026 • 9:03 AM

Risk-off carries into the bell as tariff tension lifts metals, pressures long bonds, and leaves megacaps on the back foot

Gold and silver surge, natural gas spikes, the long end wobbles, and tech-led indices point lower while investors parse tariff rhetoric ahead of Davos remarks

Risk-off tone persists into the open as SPY, QQQ, and DIA indicate lower while IWM holds slightly better.
Gold and silver extend powerful haven bids, with GLD and SLV sharply higher; natural gas surges on a deep-freeze forecast.
Long-duration Treasurys remain under pressure, with TLT softer and the 10-year anchored near the mid-4s.

Market Close January 20, 2026 • 5:21 PM

Risk Got Repriced, Fast, as Tariff Headlines Hit the Tape and Money Ran for Cover

Stocks finished lower across the board, long-duration bonds slipped again, and precious metals stole the show. Staples held up, tech did not.

U.S. equities sold off into the close, with SPY and QQQ both down about 2% versus the prior close.
Defensives held up best, as XLP finished higher while tech, financials, discretionary, and industrials sank.
Long-duration Treasurys stayed under pressure, with TLT down about 1.3% on the session.

Midday Update January 20, 2026 • 2:29 PM

Midday selloff widens as tariff shock lifts gold and slams long bonds

‘Sell America’ flows echo across risk assets: equities slide, long-duration Treasuries retreat, and precious metals surge while nat gas spikes on cold-weather demand

Equities are lower midday with SPY down about 2.0%, QQQ off 2.1%, DIA down 1.7%, and IWM lower by 1.2%.
Long-duration Treasuries are selling off, with TLT down about 1.2% and IEF down 0.3%, while SHY is flat to slightly higher.
Gold and silver surge, with GLD up roughly 4.0% and SLV up about 5.8%; nat gas spikes with UNG up around 21%.

Market Open January 20, 2026 • 9:03 AM

Risk-off at the open: Equities slide premarket as trade tensions rise, long-end yields firm, and hard commodities catch a bid

Tariff rhetoric and a cold-weather energy squeeze lift gold, silver, oil, and natural gas while growth-heavy indices and long-duration bonds retreat. All eyes on Netflix’s all-cash WBD bid and macro spillovers from U.S.-EU tensions.

Premarket risk-off: SPY -1.6%, QQQ -1.9%, DIA -1.6%, IWM -1.8% versus prior closes.
Long-end yields firming: TLT -2.1% and IEF -0.8% in extended hours; SHY essentially flat.
Commodity bid: GLD +2.9%, SLV +3.6%, USO +1.2%, UNG +19.8% premarket.

Market Close January 19, 2026 • 4:38 PM

Closing Recap: Risk-off tone returns as tariff tensions weigh on equities while gold and natural gas surge

Pre-market pricing after the holiday points to a lower restart for U.S. stocks, led by weakness in mega-cap tech; longer-dated Treasury yields edge up, credit stays tight, and commodity strength concentrates in gold, silver, oil, and U.S. natural gas.

Equity risk-off: Early Tuesday non-regular trading shows SPY, QQQ, DIA, and IWM marked ~1.9%–2.3% lower versus their previous closes, with tech leading the decline.
Gold and silver bid: GLD and SLV are up about 2.8% and 3.7% versus previous closes amid tariff risk and defensive positioning.
Natural gas spikes: UNG is ~13% higher on forecasts for a severe Northeast cold snap, echoing reports of a ~20% jump in gas futures.

Midday Update January 19, 2026 • 2:54 PM

Midday Market Brief: Holiday pause sees risk tone balanced as yields edge higher, defensives lag, and crypto steadies near key marks

With U.S. equities closed for MLK Day, investors parse last week’s close, a firm Treasury curve, softer precious metals, and tariff headlines that keep the dollar debate alive.

U.S. equity benchmarks ended last week little changed; small caps (IWM) edged higher while large-cap proxies (SPY, QQQ, DIA) were fractionally softer.
Treasury yields firmed modestly across the 2–10 year tenors, weighing on duration (TLT, IEF) and defensives (XLU, XLP).
Cyclicals outperformed: industrials (XLI) and financials (XLF) gained, aided by improving growth signals and positive sector commentary.

Market Open January 19, 2026 • 2:42 PM

Morning Brief: Tariff jitters, firmer yields, and a mixed risk tone to start the week

Industrial leadership persists as silver cools, oil firms, and the euro gains; long-duration bonds soften with the curve slightly flatter versus midweek

Industrials leadership persists: XLI trades above its prior close while defensives lag.
Firmer Treasury yields into late last week weigh on duration (TLT, IEF).
Oil edges up (USO), while gold (GLD) and silver (SLV) cool after recent strength.

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