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Daily Highlights

Stocks and metals fall amid Fed nomination and earnings

Adriaan Pask, Chief Investment OfficerPSG Wealth

Stocks and metals fall amid Fed nomination and earnings

US equities were slightly softer on Friday, with the S&P 500 easing by 0.41% and Dow Jones Futures by 0.37%, while the Nasdaq slipped 0.70%, as investors weighed President Donald Trump’s nomination of Kevin Warsh to replace Federal Reserve (Fed) Chair Jerome Powell alongside another round of corporate earnings. Warsh is widely seen as a relatively hawkish choice, though one who would still favour lower interest rates — albeit with less urgency than some alternative candidates. Sector performance was mixed, with materials, communication services and technology lagging, while healthcare stocks provided some support.

Apple shares declined 1.20% despite delivering solid quarterly results and stronger iPhone sales. Visa fell 1% even after topping earnings and revenue expectations. ExxonMobil edged 0.80% lower, while American Express dropped 3.10% after missing forecasts. On the upside, Chevron gained 0.50% following a profit beat and Verizon jumped 6.60% on the back of robust results.

However, even after Friday’s pullback, equity markets remain higher for January to date, with the S&P 500 up 1.80%, the Dow Jones ahead by 2.10% and the Nasdaq higher by 1.90%.

Precious metals saw sharp reversals, with platinum slipping below $2 200 per ounce, retreating from the record $2 878 hit on 26 January amid heavy profit-taking and a rebound in the US dollar. Silver also dropped sharply, falling nearly 30% on Friday to around $84 per ounce as positions were unwound, though it remained on track for a monthly gain of over 30%. In other commodities, Brent crude eased 0.10% to $70.64 per barrel.

In Asia, the Shanghai Composite slipped 0.96% to 4 118, while the Shenzhen Component fell 0.66% to 14 206, reversing earlier-week gains as mining stocks retreated alongside weakening metals prices. Hong Kong’s Hang Seng declined 1.99%, and Japan’s Nikkei 225 eased 0.10%.

In South Africa, all indexes fell - the JSE All Share and Top 40 declined by 4.15% and 4.52%, respectively. Resource 10 had dropped 10.40%, while Metals and Mining had the largest contraction at 11.33%. 

European equities ended January on a firm note, closing higher as data pointed to improving growth momentum across the Eurozone. The EURO STOXX 50 rose 0.80% to 5 940, while the STOXX 600 gained 0.50% to 610, after figures showed Eurozone GDP expanded by 0.30% quarter on quarter in 4Q25, beating expectations despite ongoing trade uncertainty. Germany led regional gains, with the DAX 40 up 0.90% at 24 539, snapping a three-day losing streak.

Banks and technology stocks rebounded after recent pressure, with Deutsche Bank, Intesa Sanpaolo, ASML and SAP rising between 2% and 4%. Adidas outperformed, climbing over 4% after reporting a 13% increase in 2025 revenues and announcing a €1 billion share buyback. By contrast, mining stocks lagged, with Anglo American, Glencore and Rio Tinto down between 2.50% and 2.70%.

In London, the FTSE 100 advanced 0.27%, supported by banking stocks as reduced expectations of global rate cuts and a broader shift towards risk assets lifted sentiment. Lloyds rose 2.50%, NatWest added 1.80%, Barclays gained 1.30%, Standard Chartered advanced 1%, and HSBC climbed 0.80%, while Diageo jumped 2.50%.

KST3 025c-12c (-0.40%)
Market Indicators
DateIndexCurrent Level1 Day Move1 Month Move6 Month Move1 Year Move
Date2026-10-09T00:00:00IndexALSICurrent Level107109.291 Day Move0.001 Month Move-7.766 Month Move-8.321 Year Move0.45
Date2026-10-09T00:00:00IndexBasic mineralsCurrent Level82205.331 Day Move0.821 Month Move-13.616 Month Move-12.511 Year Move5.65
Date2026-10-09T00:00:00IndexFin + Ind 30Current Level12544.861 Day Move-0.401 Month Move-4.586 Month Move-6.001 Year Move-2.11
Date2026-10-09T00:00:00IndexFinancialCurrent Level59422.531 Day Move-0.751 Month Move-7.126 Month Move-4.211 Year Move15.79
Date2026-10-09T00:00:00IndexIndustrial indexCurrent Level125926.171 Day Move-0.031 Month Move-2.726 Month Move-8.541 Year Move-15.61

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