Market US stocks closed slightly lower on January 17th as markets focused on the latest remarks from former President Trump. The top 20 stocks by trading volume on January 17th: Walmart announced leadership changes across its three core business divisions. Popular US-listed Chinese stocks were mixed on January 17th; UMC gained 6.04%, while Alibaba fell 3.24%. Oil prices edged higher on Friday, with supply risks remaining a key focus for investors. Spot gold declined 0.44% to $4,595.23 per ounce. European stocks notched a fifth consecutive week of gains, driven by a surge in Novo Nordisk's share price.
Macro Former President Trump expressed reluctance to nominate Kevin Hassett for Federal Reserve Chair. Trump hinted at imposing new tariffs as part of an effort to acquire Greenland. The US Department of Education will delay collection actions on defaulted student loans. Trump's desire for Hassett to remain in his current role pushed US Treasury yields to a four-month high. The US Department of Energy stated it is not currently considering replenishing the Strategic Petroleum Reserve with oil from Venezuela. US homebuilder confidence declined for the first time in five months. The NAHB/Wells Fargo Housing Market Index fell to 37 in January, missing all estimates. US manufacturing output posted growth in the final months of 2025.
Corporate OpenAI will begin testing advertisements within ChatGPT as it seeks new revenue streams. Google has asked a US judge to postpone an order compelling it to share data while it pursues an appeal. The California Attorney General sent a letter demanding that xAI cease producing deepfake content. JPMorgan Chase surpassed Dimensional to become the world's largest active ETF company. A shadow oil tanker abruptly turned away from the Baltic Sea after reportedly being ordered to leave by German federal police. Fannie Mae and Freddie Mac extended their losing streak as market skepticism about their IPO prospects grew. Trump demanded that technology companies foot the bill for new power plants needed for artificial intelligence. Spotify is poised to generate significant profits through another round of price increases.
Commentary Kevin Hassett appears to be out of the running for Fed Chair after Trump reportedly told him directly he did not want him to change roles. Fed Vice Chair Philip Jefferson stated that current monetary policy is in a "good place." Trump said he would "act quickly" to resolve issues in Minnesota if he were "forced to take action." Trump suggested he might impose tariffs on countries that are "uncooperative" regarding Greenland. Fed Governor Michelle Bowman noted lingering concerns in the job market and said the Fed should be prepared to cut rates again if needed. Artificial intelligence is accelerating job losses in key global industries. Morgan Stanley stated that ASML's share price could surge up to 70% in an optimistic scenario. Gold prices fell as Trump expressed reservations about Hassett succeeding as Fed Chair. Bespoke noted that Trump interviewed the final candidate for Fed Chair on Thursday. Markets are now favoring Kevin Warsh as the next Fed Chair, leading to a cooling of bets on interest rate cuts. Crude Oil: Prices recouped some of the previous session's losses as traders remained wary of Iran-related risks heading into the weekend. Commodities Wrap: Oil edged up, gold declined, and base metals fell across the board. European Bonds: European bond yields climbed in tandem with US Treasury yields as traders scaled back expectations for US rate cuts.
Comments