ORLANDO, Fla., Jan 26 (Reuters) – Global stocks rose to new highs and gold broke through the $5,000 an ounce barrier on Monday, while the dollar’s slide picked up pace as investors braced for a deluge of U.S. earnings and a Federal Reserve policy decision this week.

More on that below. In my column today I examine the signs that rumors of a productivity boom in the United States may be going global. Could all that AI spending be paying off? It’s early days, but investors and policymakers alike will be paying close attention.

If you have more time to read, here are a few articles I recommend to help you understand what happened in the markets today.

1. Dollar under fire again as investors reassess Trump policies, geopolitical risk 2. US rate control masks tough obstacle to coordinated yen intervention 3. Gold has more room to run as geopolitics, cenbank fuel buying gains, analysts say. muddy outlook for global tensions

Key market moves today

* STOCKS: The MSCI All Country index hits a new peak, WallStreet’s three major indexes post solid gains, but the Russell 2000 falls. Japanese shares fall 2% on higher yen. * SECTORS/SHOCKS: US technology +0.8%, communications services +1.3%. Discretionary consumption -0.7%. The focus is now on the big earners this week. * Currencies: The Japanese yen extends recovery after the New York Fed checked rates on Friday. Dollar index falls to four-month low. * BONDS: US yields fall as much as 3 bps. 2 year auction going well. Long-term JGB yields fell for the fourth day in a row. * COMMODITIES/METALS: Spectacular rally in precious metals loses steam. Silver +6% but rose up to 13%; palladium +1% after rising to 8%. Oil slips.

Today’s talking points

* Yen intervention speculation

After the New York Fed’s rare move to check dollar/yen rates on Friday, speculation is growing about when, if or how outright yen-buying intervention might occur. The dollar’s fall of more than 3% since Friday is quite substantial, considering that no official sell-off has yet occurred.

There are good reasons why coordinated intervention between Japan and the United States might not happen now. But if Tokyo wants to ensure the yen’s recovery from record lows is durable, it may have to intervene, as it did in late 2022 and again in 2024.

* Silver and gold fever

January 26, 2026. A historic day for gold as it rises above $5,000/oz for the first time, a far cry from the “Washington Accord” days and $250/oz a quarter of a century ago. And if SocGen and others are right, it’s heading for $6,000/oz.

Silver’s rise is even more surprising, breaking above $100/oz on Friday for the first time. It shot up as much as 13% on Monday before cooling off. But it’s still up 15% in the last three trading sessions and 35% this year. Supply issues and impulse buying are factors, but the speculative wave of hot money is considerable. Editing could be messy.

* Big Tech earnings

By some measures, US tech has lagged so far this year, especially megacaps: The Roundhill “Mag 7” ETF is flat for the year, while the Russell 2000 is up 8%. In fact, Raymond James CIO Larry Adam notes that mega-cap tech is having its worst start to a year relative to the S&P 500 since 2010.

But the technology’s underperformance earlier this year is nothing new or alarming, Adams says. “Big Tech” has rebounded in recent years, and current valuations relative to the rest of the market are the most compelling in years. This week’s earnings and guidance Apple, Microsoft and Meta platforms will be instructive.

What could move the markets tomorrow?

* US Consumer Confidence (January) * US Treasury Auctions $70 Billion in 5-Year Notes * US Earnings Including Boeing, ⁠UPS, General Motors, UnitedHealth Group, RTX Corporation * US Federal Reserve Begins Two-Day Policy Meeting * G7 Finance Ministers Hold Video Conference

Want Trading Day delivered to your inbox every weekday morning? Subscribe to my newsletter here.

The opinions expressed are those of the author. They do not reflect the views of Reuters News, which, according to the Trust Principles, is committed to integrity, independence and freedom from bias.

(By Jamie McGeever; Editing by Nia Williams)