Volatility increased as the VIX moved higher, signaling growing market fear. Bonds sold off as yields rose, currencies shifted with a weaker U.S. dollar, and commodities—particularly gold, silver, and natural gas—continued to attract capital.
Equity markets broadly rolled over into sell signals, led by weakness in major U.S. indices, technology stocks, and financials, while small caps, microcaps, and commodity-related stocks held up better. Gold and silver stocks posted strong gains, while semiconductors pulled back toward key support. Rising bond yields and political pressure on the Federal Reserve remain key risks for markets going forward.
Stephen Whiteside
Wednesday, January 21, 2026
