US stock market crashes again today, Jan. 30. Dow, S&P 500, Nasdaq all in red. Gold and silver prices also down. The US stock market retreated on Friday, January 30, 2026, with the Dow Jones Industrial Average dropping 139.16 points (0.28%) to 48,932.40 in early trading. Investor sentiment shifted rapidly following President Trump’s announcement on Truth Social that he has nominated former Federal Reserve Governor Kevin Warsh to succeed Jerome Powell. This move sent the S&P 500 down 0.29% to 6,949.07, while the tech-heavy Nasdaq Composite fell 0.35% to 23,602.81.
Despite this immediate volatility, all three major indices are tracking toward a positive finish for January 2026. The 10-year Treasury yield surged as markets digested Warsh’s hawkish history, and the US Dollar Index (DXY) climbed, putting downward pressure on commodities.
Gold experienced a sharp correction, tumbling over 4% to $5,115.60, while silver plummeted nearly 13%. Market participants are now recalibrating expectations for 2026 interest rate cuts, as Warsh has historically criticized the Fed’s expansive money printing while recently signaling a pragmatic openness to rate reductions favored by the White House.
Why Dow, S&P 500, Nasdaq all in red
The biggest macro driver behind Friday’s market weakness was uncertainty surrounding the future direction of US monetary policy. Trump’s public backing of Warsh as the next Fed chair prompted investors to reassess interest rate expectations. Warsh is widely viewed as more skeptical of loose monetary policy and has previously criticized the Fed for underestimating inflation risks. While he has recently spoken in favor of rate cuts, markets remain unsure how those views would translate into policy decisions if inflation pressures return.
That uncertainty quickly showed up in bond markets. Long-dated Treasury yields moved higher, led by the 30-year bond, which approached 4.9%. Rising long-term yields are particularly damaging for equities because they increase borrowing costs and reduce the present value of future earnings. Growth stocks, which depend heavily on expectations of future cash flows, tend to be the most sensitive to these moves.
The dollar also strengthened as traders priced in the possibility of a firmer policy stance under new Fed leadership. A stronger dollar tightens global financial conditions, weighs on multinational earnings, and reduces the appeal of US risk assets for overseas investors. Together, higher yields and a rising dollar created a headwind that equities struggled to overcome, even in the absence of any immediate economic shock.
Top Gainers and Losers (Jan. 30, 2026)
The US stock and commodity markets witnessed a high-volatility session on Friday, January 30, 2026. While safe-haven assets like gold and silver experienced a “free fall” following the nomination of Kevin Warsh for Fed Chair, selective tech and consumer stocks managed significant gains.
Top Market Gainers
Despite the broader market dip, these stocks outperformed due to strong earnings and AI-sector momentum.
- Sandisk (SNDK): +20.32% ($648.88)
- The Catalyst: Sandisk remains the “AI king” of January. Shares surged following a massive earnings beat and reports of a 70% projected hike in memory prices for 2026. The AI storage boom has turned this stock into a top performer, rising over 1,000% from its 2025 lows.
- Verizon (VZ): +6.41% ($42.36)
- The Catalyst: Upbeat fourth-quarter guidance and a surprise addition of 616,000 wireless subscribers fueled investor confidence.
- La Rosa Holdings (LRHC): +51.84% ($4.54)
- The Catalyst: A massive speculative rally in small-cap real estate tech, though it remains highly volatile within its wide 52-week range.
- ENvue Medical (FEED): +17.19% ($4.50)
- The Catalyst: Continued momentum in healthcare tech following positive clinical data or sector rotation.
Top Market Losers
Macroeconomic shifts and high interest rate fears triggered sharp sell-offs in commodities and lending sectors.
- Silver (SI00): -12.43% ($100.21)
- The Catalyst: Silver suffered its steepest single-day drop in months. A “liquidity wipeout” occurred as the dollar strengthened, causing silver to fall from its record peak of $121.78 earlier in the month.
- Rocket Companies (RKT): -11.70% ($18.34)
- The Catalyst: Mortgage and lending stocks plummeted as 30-year Treasury yields flirted with 4.9%. Rising rates signal a cooling housing market, hurting Rocket’s refinancing outlook.
- Gold (GC00): -4.40% ($5,119.20)
- The Catalyst: Gold prices nosedived by over $235 per ounce. Investors pivoted away from non-yielding assets as Kevin Warsh’s hawkish reputation boosted the US dollar.
- Bitcoin (BTC): -1.85% ($83,033.00)
- The Catalyst: The Nasdaq Crypto Index fell 1.70% as a “risk-off” sentiment swept the market. Bitcoin hit a two-month low as uncertainty over Fed leadership sparked a $1.7 billion liquidation of leveraged long positions.
Dollar surge triggers sharp gold and silver sell-off
The jump in the dollar had an immediate and dramatic impact on precious metals. Gold and silver, which had enjoyed powerful rallies in recent weeks, reversed sharply as the stronger dollar made them more expensive for non-US buyers. Gold futures fell to about $5,115, down more than 4% on the session, while silver collapsed to near $99.60, a decline of almost 13%. Platinum and copper prices also moved lower, reinforcing the sense of a broad commodity pullback.
For much of January, precious metals had benefited from expectations of eventual rate cuts, heavy central bank buying, and persistent geopolitical risk. Friday’s move suggested that positioning in those markets had become stretched. Once the dollar strengthened and yields rose, investors rushed to lock in profits, accelerating the downturn.
The metals sell-off spilled over into equity markets, pressuring mining stocks and materials shares. It also removed an important source of confidence for investors who had viewed gold’s strength as a signal of underlying market stability. Instead, the sudden drop in bullion prices reinforced the sense that financial conditions were tightening again.
Trade threats and earnings results add to Wall Street pressure
Beyond monetary policy and commodities, trade concerns returned to the spotlight. Trump warned that the US could impose a 50% tariff on aircraft imports from Canada and move to decertify new jets from companies such as Bombardier, arguing that Canadian certification rules unfairly block US-made Gulfstream jets. He also signaled that Mexico could face new tariffs tied to oil shipments to Cuba.
While no immediate policy action was announced, markets tend to react quickly to trade rhetoric. The possibility of higher tariffs raises concerns about supply chains, costs, and global growth, particularly for industrial and transportation stocks. Even the threat of trade disruption can be enough to dampen investor sentiment during periods of elevated valuations.
Earnings news offered a mixed picture. Shares of Apple fell about 2% after the company reported quarterly results. Although profits beat expectations on the back of record iPhone sales, CEO Tim Cook warned that a global memory shortage could pressure margins in coming quarters. That cautious outlook weighed on the broader tech sector.
In contrast, Sandisk surged more than 20% after issuing strong forward guidance, driven by robust demand for memory and storage products linked to AI and data center investment. Despite that standout performance, gains in a handful of stocks were not enough to offset broader macro-driven selling.
Are US indexes still set for January gains despite today’s sell-off?
Even with Friday’s declines, the broader market trend remains positive. The S&P 500 and Nasdaq Composite are still higher for the week and on track for January gains, while the Dow Jones Industrial Average is only slightly lower for the month. That context suggests the current pullback is more of a recalibration than a full-scale market breakdown.
However, warning signs are building beneath the surface. Bank of America strategists recently noted that nearly 89% of global equity indexes are trading above their 50-day and 200-day moving averages, a level historically associated with overbought conditions. At the same time, investors pulled more than $15 billion from equity funds in the past week, signaling growing caution even as headline indexes remain elevated.