What You Need to Know for January 13, 2026

• Gold surged to record highs above $420 per ounce as former Fed chairs condemned the DOJ probe into Powell, with investors rotating to precious metals as protection against geopolitical instability
• JPMorgan delivered earnings of $5.23 per share, beating expectations despite taking losses on the Apple Card partnership exit
• Trump announced immediate 25% tariffs on countries doing business with Iran, threatening major trade partners including China and India while Venezuelan stocks rallied 130% post-regime change

Market Summary: January 13, 2026

Key Market Performance

U.S. markets showed mixed results with the S&P 500 (+0.09%) and Nasdaq 100 (+0.12%) posting modest gains, while the Dow Jones (-0.04%) edged lower. The Russell 2000 led with +0.54%. International markets declined, with FTSE 100 down 0.17% and Nikkei 225 off 0.22%.

Major Developments

Fed Independence Crisis: A DOJ probe targeting Fed Chair Powell sparked institutional turmoil, drawing condemnation from former chairs Yellen, Bernanke, and Greenspan. Gold surged to record highs above $420 (up 8.53% for the month) as investors sought safe-haven assets amid concerns about central bank independence erosion. The dollar weakened on the news.

JPMorgan Earnings: JPM reported adjusted earnings of $5.23 per share, beating expectations on strong trading revenue despite taking losses on the Apple Card portfolio.

Inflation & Fed Policy: December CPI rose 0.3% monthly and 2.7% year-over-year, matching expectations. The Fed is widely expected to pause rate cuts at its January 27-28 meeting given sticky inflation and labor market stabilization.

Geopolitical Tensions: President Trump announced 25% tariffs on countries trading with Iran, potentially affecting China and India. Despite uncertainty, Alibaba rallied 6.43% for the week to $166.31, up 102% year-over-year.

Venezuela: Markets surged 130% following Maduro's January 3 ouster, creating potential opportunities for U.S. oil companies in Venezuela's energy sector rehabilitation.

Semiconductors: SK Hynix committed $13 billion for an advanced chip packaging plant in South Korea, supporting memory chip stocks. Nvidia remained flat at $184.94, down 0.84% year-to-date despite maintaining 32% annual gains.

Market Sentiment: Precious metals dominated retail trading discussions as geopolitical instability and institutional concerns overshadowed technology sector momentum.