Market Summary: What Happened Yesterday and What Awaits us Today (January 23)

US stocks rise for the second consecutive day, and gold hits a new record high

Major U.S. stock indices closed solidly higher on Thursday for a second consecutive session, supported by improving investor sentiment after President Donald Trump moved to ease tensions with European allies by reversing his earlier tariff threats linked to the Greenland dispute.

The tech-heavy Nasdaq Composite gained around 0.9%, while the Dow Jones Industrial Average rose 0.6%, adding more than 300 points. The S&P 500 also advanced 0.6%.

The rally followed gains of nearly 1.2% in Wednesday’s session, when markets rebounded from their worst daily performance since October 10.

Investor confidence improved after Trump, speaking at the World Economic Forum in Davos, ruled out the use of military force in Greenland. He later confirmed on his Truth Social platform that tariffs scheduled to be imposed on eight NATO countries from February 1 would not go ahead.

On the economic front, data from the Personal Consumption Expenditures Price Index — the Federal Reserve’s preferred inflation gauge — came in broadly in line with expectations. The index showed a monthly increase of 0.2% and an annual rise of 2.8%.

The data had a limited impact on monetary policy expectations; however, as the Bureau of Economic Analysis typically releases December figures at this point in the year, reducing their influence on near-term rate decisions.

In the bond market, the yield on the 10-year U.S. Treasury settled at 4.25%, little changed from Wednesday, after reaching its highest closing level since August 21 at 4.30% earlier in the week.

In commodities and currencies, gold futures extended their rally, surging to a fresh record above $4,930 an ounce as safe-haven demand remained strong. By contrast, Bitcoin traded slightly lower near the $89,500 level, while the U.S. dollar index fell 0.5% to 98.30.

Oil prices weakened, with West Texas Intermediate crude sliding more than 2% to $59.35 a barrel.

At the stock level, Intel shares edged up 0.1% after recovering from early losses ahead of its earnings release after the market close, following a near 12% surge in the previous session. Shares of the so-called “Great Seven” technology companies all finished higher, led by Meta Platforms, which jumped 5.7%.

In post-earnings trading, Abbott Laboratories, McCormick, and GE Aerospace recorded sharp declines of more than 10%, 8%, and 7%, respectively, while Procter & Gamble shares rose over 2.5%.

Market Outlook

Global markets may see modest gains in equities in the near term, while the U.S. dollar could remain under pressure as strong safe-haven demand continues to support gold prices.

Gold is likely to stay elevated if concerns around global growth or renewed political tensions resurface. Meanwhile, investors will closely watch U.S. interest rate expectations ahead of the Federal Reserve’s upcoming meeting on January 27–28, as any shift in inflation guidance or rate projections could influence stocks, bonds, and currency markets.