NEW YORK, Jan 24, 2026, 04:43 EST
- Dow dropped 0.58%, but the Nasdaq edged up 0.28%, closing out a volatile, holiday-shortened week on a mixed note
- Intel dropped 17%, weighed down by a weak forecast that pointed to tight supply for AI data-center server chips
- Gold surged to a record close to $4,988, while silver climbed past $100 amid continued strong demand for safe-haven assets
U.S. stocks closed out a choppy week mixed on Friday, with Intel’s weak forecast dragging the Dow down, even as the Nasdaq inched higher. Gold continued its climb toward $5,000 an ounce, while silver stayed above $100. 1
After a sharp selloff earlier this week sparked by President Donald Trump’s tariff threats against European allies linked to Greenland, markets stumbled again late in the week. Traders now face a packed schedule of earnings reports and central bank announcements with little appetite for surprises. 2
The rally in precious metals points to a shift—some funds appear to be moving out of riskier bets and into safer havens. Silver’s rapid gains, especially, have sparked chatter about a market poised to retreat as swiftly as it surged. 3
The Dow Jones Industrial Average dropped 285.30 points, or 0.58%, closing at 49,098.71. The S&P 500 inched higher by 2.26 points, or 0.03%, to 6,915.61, while the Nasdaq Composite rose 65.23 points, or 0.28%, to 23,501.24. Despite these moves, all three indexes ended the week with modest losses. 4
Investors continue to lean on a steady U.S. economy, yet this week’s volatility highlighted how quickly politics and headlines can take over. Some portfolio managers see 2026 as the year when lofty tech and chip valuations must be justified by solid revenue.
Intel took a hit on Friday after revealing it struggled to keep up with demand for server CPUs powering AI data centers. The chipmaker projected revenue between $11.7 billion and $12.7 billion for the current quarter, falling short of the $12.51 billion analysts expected. Shares plunged 17%. 5
Chief Executive Officer Lip-Bu Tan told analysts, “I’m disappointed that we are not able to fully meet the demand,” while finance chief David Zinsner said cloud customers “were all a little bit caught off guard” by the surge. Running Point Capital chief investment officer Michael Schulman described the turnaround as “supply-constrained rather than demand-constrained.”
The squeeze is significant since Intel’s server CPUs frequently run alongside Nvidia’s GPUs in data centers, where demand for AI capacity is surging. Meanwhile, Intel continues to lose ground in PCs to AMD. The wider chip supply chain has been relying on performance reports from companies like TSMC to confirm the strength of the AI boom.
Janus Henderson portfolio manager Julian McManus warned that upcoming earnings will reveal if AI investments are actually driving sales and profits. “I personally don’t see Intel being in the haves,” he said.
Next week, earnings roll in from some of the Magnificent Seven — the mega-cap U.S. tech giants like Apple, Tesla, and Microsoft. On Friday, Microsoft, Meta, and Amazon saw gains, while Tesla and Alphabet pulled back. Nvidia jumped after reports surfaced that Chinese officials told Alibaba, Tencent, and ByteDance they could start preparing orders for its H200 AI chips.
The Federal Reserve is widely expected to keep rates unchanged at 3.5% to 3.75% next week. Traders are pricing in a possible rate cut as soon as June, even as recent data points to steady business activity and a boost in consumer sentiment.
Silver surged past $100 an ounce, while gold soared to a record $4,988 amid tight supply in segments of the physical market and momentum-driven buying. StoneX analyst Rhona O’Connell described the move as “a self-propelled frenzy.” Meanwhile, BofA strategist Michael Widmer put a fundamentally justified silver price closer to $60. 6
But when markets surge this quickly, the pullback can be harsh. Analysts are cautioning that silver’s sharp rise makes it vulnerable to a correction. BNP Paribas senior commodities strategist David Wilson pointed to an increasing chance of profit-taking in the near term.
Energy stocks hit another record close, with materials topping the S&P 500 sectors in gains. Wall Street now faces twin challenges: deciphering the Fed’s stance on rates and seeing if Big Tech can deliver on the AI investment.
