US Stocks Push Higher on Improved Risk Sentiment – Nasdaq up 0.9%
US equities pushed higher again in yesterday’s session as risk sentiment continued to improve around Greenland and European tariff concerns. The Dow Jones climbed 0.63% to close at 49,384, while the S&P 500 added 0.55% to finish at 6,913. The Nasdaq outperformed, rising 0.91% to close at 23,436. US Treasury yields edged higher, with the 2-year yield up 2.2 basis points to 3.607% and the benchmark 10-year ticking 0.2 basis points higher to 4.245%. Despite the move in yields, the US dollar was sold hard, with the DXY sliding 0.47% to 98.29. Commodity markets were mixed. Oil prices slipped back as improving risk sentiment weighed on crude, with Brent falling 1.47% to $64.28 a barrel and WTI dropping 1.75% to $59.56. In contrast, precious metals continued their powerful run. Gold defied the broader risk-on backdrop, surging 2.15% to settle at $4,936.02, while silver also pushed to new highs, reinforcing the strong demand for hard assets.
Precious Metal Flow Relentless in 2026
Both gold and silver powered to more fresh record highs in trading yesterday despite an overall ‘risk-on’ sentiment hitting most other parts of the market. In a continuation of the pattern that dominated gold trading in particular, and silver towards the end of 2025, precious metals are driving to higher levels in most market environments. Goldman Sachs recently increased its year-end gold estimate to $5,400 on the back of strong investor demand and central bank buying, but that may prove to be an underestimate in the current environment. Silver’s rally has been even more dramatic in percentage terms. After an extraordinary run in 2025, silver has continued to ascend in 2026, surpassing $95 per ounce overnight as its dual role as both an industrial metal and a safe haven has amplified demand, while constrained supplies have bolstered price performance. Both metals now look to be targeting significant psychological levels at $5,000 and $100 an ounce, and this could be hit in hours or sessions rather than days or weeks if we see similar demand today.
Busy Calendar Day to Close Out the Trading Week
Looking ahead, it shapes as a busy end to the trading week, with a full event calendar across all sessions and the potential for further geopolitical updates to drive volatility. We have already seen a higher-than-expected print for New Zealand CPI data (+0.6% vs exp +0.5%) in the Asian session, but the focus is now squarely on Japanese markets and the Bank of Japan’s interest rate decision and guidance. In Europe, UK retail sales (exp 0.0% m/m) are due early in the day, followed by flash services and manufacturing PMI data from France, Germany, and the UK, before ECB President Christine Lagarde speaks later in the morning. The US session sees Canadian retail sales (exp 1.2% m/m) close to the open, before focus drops back south of the border to the US for its flash services (exp 52.9) and manufacturing (exp 51.9) PMI data later in the day.
