Markets Daily Jan 23: Silver Jumps 2.4%, Stocks Ease

23 January 2026 - Daily Market Updates

Markets Daily | Global Morning Brief

As of 06:17 am ET

S&P 500 futures: 6939.5 (-0.08%)
Stoxx Europe 600: 607.46 (-0.23%)
Nikkei 225: 53846.87 (+0.29%)
Spot silver: 98.56 (+2.40%)
Bitcoin: 89105.96 (-0.07%)

Overnight and early-session tone

Equities: US futures ease slightly, Europe is softer, and Asia finished mixed. The S&P 500 is tracking a second straight weekly pullback as investors digest earnings and shifting rate expectations.
Currencies: The yen strengthened notably versus the dollar after a volatile week in Japanese assets, keeping FX volatility in focus and weighing on broader dollar sentiment.
Rates: Yield curves have been steepening in several major markets as longer-dated bonds underperform. That reflects ongoing debate over fiscal paths and policy normalization timelines.
Commodities: Precious metals remain firm, with silver extending gains and gold holding near recent highs as investors seek ballast amid policy and geopolitical uncertainty.
Digital assets: Bitcoin is little changed, consolidating after recent swings.

What’s moving the tape

Rotation under the surface: Flows continue to show a bid for non-US risk, with emerging-market equities and hard assets attracting attention while some US-focused funds see outflows. Diversification away from concentrated exposures remains a recurring theme this month.
Japan in focus: A rapid repricing in Japanese government bonds has challenged the long-held “low-for-long” narrative. Higher yields and currency strength are reverberating across global rate markets and equities tied to Japan’s growth and export dynamics.
Curve trades reappear: With long-end yields leading, investors have revisited strategies that benefit from a steeper curve. The move underscores sensitivity to deficits, supply, and the path of policy rates across regions.
Sector dispersion: Equipment and hardware names are seeing disparate results around earnings updates and guidance, while select health-tech and telecom-equipment reports point to resilient demand in core segments. Defense-related listings in Europe drew strong interest, highlighting ongoing support for that theme.

Today’s key drivers to watch

Earnings: Another heavy slate across tech, industrials, financials, and energy. Commentary on capex, AI-related spending, supply chains, and pricing power will be key for margins and guidance.
Macro: US and European data drops on growth and inflation remain in focus ahead of major central bank meetings. Market-implied paths for policy continue to shift as incoming data challenge the pace and depth of any future rate moves.
Policy and geopolitics: Headlines around trade, supply chains, and regional tensions are feeding into currency and commodity volatility. Stay mindful of headline risk into the weekend.

Portfolio considerations

Duration and curve: With long-end rates more volatile, consider how portfolio duration and curve exposure align with risk tolerance. Hedging rate sensitivity and stress-testing scenarios remains prudent.
Diversification: Cross-asset moves this month have rewarded diversified exposures across regions and factors. Keep an eye on concentration risk, particularly within mega-cap tech and single-factor tilts.
Liquidity: Elevated intraday swings in FX, rates, and commodities argue for maintaining ample liquidity and disciplined rebalancing protocols.

Market wrap at a glance

Equities: Cautious tone, modest declines in US/Europe, Asia mixed.
FX: Dollar softer on the week; yen strength notable.
Rates: Long-end under pressure; global curves steeper.
Commodities: Precious metals bid; energy mixed.
Crypto: Consolidation mode.

Note: Market levels are indicative and subject to change

Important disclosures

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