Today (January 19, 2026), the market experienced significant volatility, primarily due to the dual impact of the geopolitical crisis that erupted over the weekend and the uncertainty surrounding Federal Reserve policies. Although today is Martin Luther King Jr. Day (MLK Day) in the United States, and the stock market is closed, global stock index futures and precious metals markets still reacted sharply to the news.

The following are the core reasons behind the surge in gold prices and the sharp decline in Nasdaq futures:
1. Gold Surge: Safe-haven sentiment and global credit risk
* Greenland Tariff Shock: Trump suddenly issued an ultimatum to 8 European allies over the weekend, threatening a 25% tariff if they do not support his acquisition of Greenland. This move triggered extreme concerns about the disintegration of NATO and the collapse of the global trade order.
* Federal Reserve Independence Crisis: Recent investigations by the Trump administration into Fed Chair Powell severely undermined market confidence in the dollar and the independence of monetary policy. As the “ultimate safe-haven asset,” gold once again hit a new all-time high amid the chaos, currently trading around $4,625 - $4,650 per ounce.
* Ongoing Geopolitical Tensions: Turmoil within Iran and rumors of U.S. potential involvement further increased safe-haven demand.
2. Nasdaq Futures Plunge: Risk assets sold off
* Risk-off Selling: In response to the aforementioned European tariff threats, investors withdrew from risk assets such as tech stocks and shifted into precious metals. Markets worry that a new round of “trade war” could severely damage the global supply chains and profits of multinational tech giants.
* Fed Uncertainty: Concerns that government intervention might influence future rate paths have made the outlook unpredictable, which is a major negative for Nasdaq tech stocks that rely on interest rate environments for valuation.
* Holiday Liquidity Drought: With the U.S. stock market closed for the holiday, market liquidity was low, and even small sell-offs could trigger significant price declines, amplifying volatility in individual stocks and index futures.
Market Observation
The current market logic has shifted from the traditional “inflation/rate” trading to **“sovereign credit and geopolitical order”** trading.