Friday closed a whipsaw week with Intel Corporation suffering its worst single-day decline since August 2024 while precious metals surged to historic milestones and the dollar hit fresh lows.

Intel’s Collapse Intel cratered 17% Friday in its worst day since August 2024 after warning about supply chain problems and guiding Q1 revenue to just $12.2 billion versus the $12.6 billion consensus. The stock plunged from Thursday’s close of $54.32 to around $45 to $46.94, representing a decline of 13.6% to 17% depending on the source. ​

Despite beating Q4 estimates with revenue of $13.7 billion versus $13.3 to $13.4 billion expected and adjusted EPS of $0.15 versus $0.08 expected, investors fled after Intel issued a dismal first quarter forecast. More alarmingly, Intel indicated it expects to slide to a loss of $0.21 per share for Q1, far below Wall Street’s expectations. ​

CEO Lip-Bu Tan acknowledged production difficulties, stating he was “disappointed that we are not able to fully meet the demand in our markets” and that his team was “working tirelessly to drive efficiency and more output from our fabs”. CFO Dave Zinsner explained: “As we enter 2026, our buffer inventory is depleted and the mix shift in wafers towards servers, which began in Q3, will not come out of fab until late Q1”.

The company also dialed down its full year outlook for earnings per share growth to a range of 1% to 6% growth from its previous guidance of 3% to 9%. Intel admitted they were “late to realize the strength of server chip demand” according to the supply chain constraints cited. ​ ​

Weekly Market Performance The Dow Jones Industrial Average closed down 0.6% Friday at 49,098 while the Nasdaq Composite managed a 0.3% gain to finish at 23,501 [web:query]. The S&P 500 headed for its first back to back weekly loss since June. ​

The week was characterized by extreme volatility. Tuesday brought the worst session since October as the Dow plunged 870 points and the S&P 500 fell 2.1% on Trump’s Greenland tariff threats. Wednesday reversed everything with gains exceeding 1% across all major indices after Trump announced a “framework” deal and rescinded tariffs. Thursday extended gains before Friday’s Intel-driven weakness.

Small cap stocks in the Russell 2000 significantly underperformed after a strong start to the year. ​

Gold Touches $5,000, Silver Breaks $100 Gold briefly touched $5,000 per ounce before settling around $4,987, extending its stunning rally that has seen prices climb nearly 15% since the start of 2026 . As of January 21, the gold price per ounce stood at $4,882.80, well above earlier mid-2026 projections of $4,500.

Goldman Sachs raised its December 2026 gold target to $5,400 per ounce, up from $4,900, citing structural demand from private investors and sustained buying by emerging market central banks. The firm expects central bank purchases to average around 60 tonnes in 2026 as countries continue diversifying reserves away from traditional assets. ​

Silver made history Friday, hitting a record $100.29 per ounce and breaching the unprecedented $100 threshold for the first time. This landmark achievement marks a staggering 40% rise in just the first three weeks of 2026, following a record-breaking 2025 where the metal surged 150%. Silver stood at $93.35 per ounce on Thursday, up 202.98% from a year ago when it traded at $30.81. ​

The precious metals rally is driven by aggressive safe haven buying amid ongoing US-Europe tensions regarding Greenland, export restrictions requiring strict licenses for silver choking global availability, and Federal Reserve rate cuts projected to hit 3% by mid-2026 reducing the opportunity cost of holding bullion.

Dollar’s Worst Week Since April The dollar fell to its worst week since April, with the DXY index sliding below 98 and hitting fresh lows against the yen [web:query]. As of early January 2026, the US Dollar Index is trading near 98, close to multi-month lows, reflecting shifting expectations around Federal Reserve rate cuts and improving conditions outside the US.

The key theme for 2026 is volatility with a downward bias rather than a steady or predictable decline. The dollar came under severe pressure as traders expect the Federal Reserve to cut interest rates more times than officials collectively projected.

FOMC Meeting Wednesday The coming week brings the Federal Reserve’s first policy meeting of 2026 on Wednesday January 28 to 29, with unanimous expectations for rates to hold steady at 3.50% to 3.75% . The FOMC will release its policy statement at 18:00 UTC (14:00 ET) on Wednesday January 28, followed by a press conference led by Fed Chair Jerome Powell at 18:30 UTC (14:30 ET).

The Fed’s Summary of Economic Projections from December indicates officials still expect at least one more rate cut in 2026, though further cuts are not assured in the near term. While markets may be pricing in a series of reductions, policymakers are signaling a more measured approach to easing. ​

Core PCE inflation for January is tracking around 2.76% year over year, well above the Fed’s 2% target and reducing chances for near term rate cuts Combined with third quarter GDP revised up to 4.4% and weekly jobless claims falling to 200,000, the strong economic data argues for Fed patience on rate cuts.

Magnificent Seven Earnings Deluge Four of the Magnificent Seven tech giants report earnings Wednesday and Thursday. Microsoft Corporation, Meta Platforms Inc., and Tesla Inc. report Wednesday January 28 after market close. Apple Inc. reports Thursday January 29.

Wall Street has high hopes for Apple and Google parent Alphabet in particular. Microsoft is the clear Wall Street favorite among the three reporting Wednesday, with analysts seeing about 34% upside from current levels, compared to roughly 20% upside for Apple.

The Week Ahead Setup Markets face a critical test. The Fed meeting Wednesday will clarify the rate cut path. If Powell pushes back against market expectations for multiple 2026 cuts citing 2.76% core PCE and 4.4% GDP growth, equities could sell off.

The Magnificent Seven earnings Wednesday and Thursday will determine if AI infrastructure spending is sustainable or becoming a profitability drain. Meta’s capex rising 44% to $98.6 billion in 2026 while EPS growth slows to 2% shows the tension. Tesla reporting a third straight year of declining profits despite revenue of $24.8 billion raises execution questions.

Intel’s 17% Friday collapse on supply constraints shows manufacturing challenges persist. If other tech giants cite similar issues, the rally stalls.

Gold at $5,000 and silver above $100 while equities struggle suggests investors hedging geopolitical and policy risk. The dollar at its worst week since April reflects concerns about US credibility following the Greenland tariff whipsaw.

Indian markets are closed Monday for Republic Day, with trading resuming Tuesday as the Nifty faces technical pressure after a 2.51% weekly loss

The convergence of the Fed meeting, Magnificent Seven earnings, precious metals at records, and dollar weakness creates maximum uncertainty. Markets rallied Wednesday and Thursday on Greenland tariff relief but gave back gains Friday on Intel’s warnings.

Reality arrives Wednesday when the Fed and three tech giants speak. Thursday brings Apple. The answers will determine whether the rally continues or reality reasserts itself.

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