Stock Market Update
30-Jan-26 14:00 ET
Gold Tumbles 11% as Warsh Fed Nomination Lifts Dollar, Triggers Crowded Long Unwind
Dow -220.41
at 48849.94,
Nasdaq -171.32
at 23513.82,
S&P -27.22
at 6941.78
[BRIEFING.COM] The tech-heavy Nasdaq Composite (-0.72%) is in last place on Friday afternoon, albeit decently off lows from the past half hour.
Gold futures settled $609.70 lower (-11.3%) at $4,745.10/oz, down then about -4.7% on the week, as markets reassessed U.S. monetary policy expectations following President Trump's nomination of Kevin Warsh as Fed chair, which boosted the dollar and pressured real rates higher. The sharp move was amplified by profit-taking and technical selling after gold's record run, triggering a rapid unwind of crowded long positions.
Meanwhile, the U.S. Dollar Index is up about +0.8% to $96.89.
