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Dollar strength crushing precious metals? What's next?
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Wall Street Today: DJIA, S&P 500, Nasdaq Comp Fall as Gold, Silver Tank and Techs Like WDC, STX Sink

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Jerry Kronenberg joined discussion · Jan 30 14:59
The S&P 500, Dow-30 and Nasdaq Composite all fell Friday as better-than-expected Apple earnings failed to stem a widespread tech sell-off and a sudden plunge in previously soaring gold and silver prices.
The $Nasdaq Composite Index (.IXIC.US)$ shed 223.31 points (0.9%) to a 23,461.82 close, while the $S&P 500 Index (.SPX.US)$ lost 29.98 ticks (0.43%) to 6,939.03 and the $Dow Jones Industrial Average (.DJI.US)$ gave up 179.09 points (0.36%) 48,892.47.
Macro
Stocks tanked as an Apple earnings and revenue beat reported late Thursday failed to offset poorly received results from Western Digital and a lingering lack of enthusiasm for Microsoft following that firm's Wednesday evening quarterly results.
Multiple tech stocks fell sharply Friday, including $NEBIUS (NBIS.US)$ (down 10.2%), $Western Digital (WDC.US)$ (off 10.1%), $Seagate Technology (STX.US)$ (8.7% weaker), $BigBear.ai Holdings (BBAI.US)$ (8.7% softer), $Advanced Micro Devices (AMD.US)$ (down 6.1%), $Micron Technology (MU.US)$ (4.8% lower), $Intel (INTC.US)$ (which lost 4.5%) and $Palantir (PLTR.US)$ (which gave up 3.5%).
Similarly, $Microsoft (MSFT.US)$ shed another 0.8% Friday after falling 10% on Thursday.
Adding to the market's woes, gold and silver suddenly reversed months of strong gains and tanked.
$Gold Futures (APR6) (GCmain.US)$ fell 11.6% to $4,700 an ounce at their New York Comex session low, while $Silver Futures (MAY6) (SImain.US)$ lost 35.3% to $74 per ounce at their bottom.
Both had been setting new record highs for months amid geopolitical instability, a weakening U.S. dollar and American inflation jitters.
However, precious metals sank after U.S. President Donald Trump nominated former Federal Reserve Gov. Kevin Warsh to chair the U.S. central bank, replacing current Fed chief Jerome Powell.
Markets see Warsh as less likely than other reported Fed-chair candidates to cut U.S. interest rates. Higher rates typically translate into a stronger U.S. dollar and lower inflation risk – two things that hurt dollar alternatives like precious metals and cryptocurrencies.
Like gold and silver, cryptos traded lower for much of Friday, although they later turned mixed.
$Bitcoin (BTC.CC)$ was up 0.4% at $84,257.99 as of shortly before 4:30 p.m. New York time, while $Solana (SOL.CC)$added 0.6% to $116.49. However, $Ethereum (ETH.CC)$ lost 3.3% to $2.702.97 and $Ripple (XRP.CC)$shed 2.8% to $1.74.
Moo-vers
The "Magnificent Seven" tech stocks mostly followed the broader market's lead and ended Friday's session lower.
Five Mag-7 stocks fell, led by $Meta Platforms (META.US)$ (down 3%), $Amazon (AMZN.US)$ (1% weaker), $Microsoft (MSFT.US)$ (off a previously noted 0.7%), $NVIDIA (NVDA.US)$ (0.7% softer) and $Alphabet-A (GOOGL.US)$ (0.1% lower).
However, $Apple (AAPL.US)$added its aforementioned 0.5%. Meanwhile, $Tesla (TSLA.US)$gained 3.3% after Bloomberg News reported that CEO Elon Musk might merge his privately held company SpaceX with Tesla or his privately owned xAI.
Musk has been planning to take SpaceX public this year at what some say could be a $1 trillion valuation, but merging it with Tesla instead could boost that electric-vehicle giant's enterprise value.
Elsewhere on Wall Street, Friday's other noteworthy percentage gainers included:
-- $TechCreate Group (TCGL.US)$, up 100.1% Friday after rising 889.2% Thursday. The Singapore-based payments company rallied despite no company news and a statement from management that it "is not aware of any material non-public information that has not been publicly disclosed that would account for the recent trading activity." TCGL has risen more than 4,200% since going public in October at $4 a share.
-- $Verizon (VZ.US)$, which rose 11.8%. The telecommunications giant gained ground on well-regarded quarterly results.
-- $SanDisk (SNDK.US)$, 6.9% higher. The computer-memory firm rose after reporting a fiscal Q2 earnings beat and better-than-expected fiscal Q3 guidance. SNDK soared as much as 25.5% earlier in the session to an all-time intraday high before partly pulling back.
Conversely, Friday's significant percentage decliners included:
-- $Unity Software (U.US)$, down 24.2%. The gaming-creation platform fell on plans by Google (owned by $Alphabet-C (GOOG.US)$) to release "Project Genie," an AI tool seen as a Unity competitor.
-- $Richtech Robotics (RR.US)$, off 11%. The hotel-focused robotics firm fell for a third day after rising 44.6% Tuesday on a deal with $Meta Platforms (META.US)$ to jointly develop AI-powered robots.
-- Select cryptocurrency-related stocks, which fell on a combination of Friday's general risk-off sentiment and tech weakness, coupled with cryptocurrencies' earlier losses. Decliners included $Applied Digital (APLD.US)$ (which shed 11%), $IREN Ltd (IREN.US)$ (10.2% weaker), $Bitmine Immersion Technologies (BMNR.US)$ (which lost 6%), $Circle (CRCL.US)$ (off 5.4%), $Coinbase (COIN.US)$ (2.2% lower) and $Robinhood (HOOD.US)$ (down 1.7%).
Wall Street Today: DJIA, S&P 500, Nasdaq Comp Fall as Gold, Silver Tank and Techs Like WDC, STX Sink
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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