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%.