Wall Street experienced a subdued week concluding January 30, 2026, with the S&P 500 increasing by 0.34%, the Dow Jones Industrial Average declining 0.4%, and the Nasdaq Composite falling slightly at 0.2%. A pivotal event during the week was the announcement by President Donald Trump of the nomination of former Federal Reserve Governor Kevin Warsh as the prospective chair of the Federal Reserve. Should this nomination be approved by the Senate, Warsh would assume the leadership role following the expiration of current Chairman Jerome Powell’s term in May. Appointed by the administration of former Republican President George W. Bush, Warsh’s tenure as a Federal Reserve governor from 2006 to 2011 established him as a prominent figure often characterized as an “inflation hawk.” This designation reflects a commitment to aggressively combating inflation, even if it requires maintaining higher interest rates for an extended period. However, recent statements indicate a shift in Warsh’s approach, aligning with President Trump’s broader desire to stimulate economic growth through reduced borrowing costs.
A Notable Decline in Precious Metal Markets The week also witnessed a significant downturn in the precious metals market. Gold and silver experienced a sharp decline on January 30, 2026, representing a pullback from the substantial gains observed throughout 2025 and 2026. The U.S. dollar strengthened concurrently with the Warsh nomination, which is widely believed to have negatively impacted the commodity sector. Specifically, the SPDR Gold Trust (GLD) lost 4.7% during the week, while the iShares Silver Trust (SLV) plummeted by 24.1%.
Exchange Traded Funds (ETFs) That Demonstrated Gains Amidst this market volatility, several exchange-traded funds (ETFs) recorded positive performance during the week. United States Natural Gas Fund LP (UNG) rose by 20.9%, reflecting ongoing and persistent cold weather conditions and sustained demand for liquefied natural gas (LNG). Flows to LNG export facilities increased, despite forecasts anticipating milder weather and reduced heating demand. This increase was additionally supported by a rebound in U.S. natural gas production from frozen wells. Trading Economics reported that weather forecasts still indicated temperatures would remain consistently colder than normal through February 14th, maintaining upward pressure on natural gas prices.
Breakwave Tanker Shipping ETF (WET) increased by 19.4%, while Breakwave Dry Bulk Shipping ETF (DRY) climbed by 11.3%. These gains were attributed to increasing freight rates driven by ongoing geopolitical tensions contributing to a sustained need for global shipping capacity. The Baltic Exchange’s dry bulk index, which tracks rates for vessels transporting dry commodities, jumped approximately 7.3% to its highest level since mid-December 2026, as reported by Trading Economics.
Meta Platforms Performance Within the broader technology landscape, Meta Platforms (META) stock rose by 7.7% during the week, fueled by a robust earnings report. Revenues jumped 24% in the fourth quarter, largely due to stronger online advertising driven by artificial intelligence-enhanced targeting capabilities. Meta exceeded analyst estimates on both revenue and earnings per share in the quarter. Furthermore, the company disclosed a first-quarter revenue forecast that surpassed expectations, bolstering investor confidence and supporting gains within the Roundhill META Weekly Pay ETF (METW).
Inverse Positions Reflecting Market Sentiment Advanced Micro Devices (AMD) stock declined by 7.7% during the week, primarily due to concerns surrounding potential delays in the company’s MI450-series AI accelerators, alongside a wider sell-off in the technology sector. The nomination of a potentially hawkish Federal Reserve chair further contributed to the negative sentiment, particularly impacting risk-on segments like technology. Conversely, the Direxion Daily AMD Bear 1X Shares ETF (AMDD) gained 9.1% last week, capitalizing on this negative momentum within the AMD market. Similarly, the ProShares Short Ether ETF (SETH) increased by 8.9% as Ethereum experienced a notable 20% price drop, aligning with broader profit-taking activity within the cryptocurrency market following a 12% plunge in Bitcoin’s value. These inverse positions demonstrated investor responses to prevailing market trends.
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