Markets Tread Water as Investors Eye Big Tech Earnings and a Surge in Gold
U.S. stocks finished the week little changed, posting a second consecutive weekly loss as geopolitical tensions faded into the background and investors prepared for a crucial stretch of Big Tech earnings. While equities struggled to gain traction, precious metals stole the spotlight, surging to record highs amid persistent uncertainty.
On Friday, the $S&P 500(.SPX)$ closed flat, the Dow Jones Industrial Average fell 0.6%, and the Nasdaq Composite gained 0.3%. For the week, the S&P 500 slipped 0.4%, the Nasdaq lost 0.1%, and the Dow fell 0.5%. All three major indexes remain up more than 1% year to date.
A Market Waiting for a Catalyst
The much-discussed Greenland situation ended the week roughly where it began, leaving markets without a clear macro catalyst. As a result, stocks largely moved sideways, with investors increasingly reluctant to make big bets ahead of next week’s earnings flood.
That calm may not last long. Roughly 20% of S&P 500 companies are set to report earnings next week, including four of the “Magnificent Seven” technology giants. Tesla, Microsoft, and Meta Platforms report on Wednesday, followed by Apple on Thursday.
MAG 7
All four stocks are trading well below recent highs, suggesting expectations may be lower, but scrutiny will be intense. Investors will be watching closely for commentary on AI spending, capital expenditures, and overseas demand.
Charles Schwab’s Quiet Win With Young Investors
$SCHW
One of this week’s more notable corporate success stories came from $Charles Schwab(SCHW)$ , which reported earnings and revealed significant progress in attracting younger investors.
The brokerage has managed to lower the average age of its customer base by nearly a decade, with Gen Z investors accounting for nearly one-third of new retail accounts. Schwab’s strategy has focused on meeting younger clients where they are, particularly on YouTube, where it now leads all financial services firms in followers.
Unlike digital-native platforms expanding toward full banking services, Schwab is moving in the opposite direction, combining traditional banking and financial planning with expanded trading capabilities, including plans to introduce spot bitcoin trading.
Precious Metals Break Out
Precious Metal
While equities moved sideways, gold and silver surged, posting their largest weekly dollar gains on record.
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Gold rose $388 per ounce to $4,976
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Silver jumped nearly $13 to $100.93
Strategists see room for further upside. Structural supply constraints, particularly in silver, which is mostly mined as a byproduct, are colliding with rising demand amid geopolitical uncertainty and persistent inflation concerns. Some analysts now see $6,000 gold as a realistic long-term target.
Weekly Market Snapshot
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Top stock: $Live Nation Entertainment(LYV)$ (+6.4%)
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Biggest loser: $Intel(INTC)$ (-17.0%)
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Best sector: Materials (+0.9%)
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Worst sector: Financials (-1.4%)
What Investors Are Watching Next Week
The coming week could reset market momentum:
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Earnings from Boeing, General Motors, Meta, Microsoft, Tesla, Apple, Mastercard, Visa, Chevron, and Exxon Mobil
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The Federal Reserve’s policy decision, with rates widely expected to remain unchanged
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Comments from Fed Chair Jerome Powell, as investors look for clues on how long rates may stay restrictive
Bottom Line: Calm Before a Volatile Stretch
Stocks ended the week close to where they started, but beneath the surface, positioning is shifting. With earnings season accelerating, precious metals rallying, and markets awaiting guidance from both Big Tech and the Fed, investors may be entering a decisive phase for early 2026 market direction…
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This summary is for informational purposes only and does not constitute financial advice. Investors should conduct their own research before making investment decisions.
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