U.S. stocks edge higher as gold breaks records and tariff worries weigh on the dollar

Markets climb, but safe-haven demand steals the spotlight

U.S. stocks rose on Monday, January 26, 2026, with the major indexes posting broadly similar gains as traders tried to stabilize after a choppy stretch and looked ahead to a pivotal week for monetary policy and corporate results. The mood was cautious rather than euphoric: investors were willing to buy equities, but the bigger statement of the day came from the rush into precious metals and the continued softness in the U.S. dollar. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

Gold extended its rally and briefly topped the $5,100-per-ounce mark, setting another record, while silver jumped sharply as well. The move reflects persistent demand for assets perceived as more resilient during periods of policy uncertainty, high inflation anxiety, and geopolitical stress. While precious metals can be volatile day to day, the combination of tariff chatter, worries about government finances, and unsettled politics has helped keep buyers engaged. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

Tariff threats, Fed timing, and big earnings converge

Investors also kept an eye on fresh trade tension after President Donald Trump renewed threats of sweeping tariffs—specifically, a 100% tariff on Canadian goods if Canada proceeds with a free-trade deal with China. Currency markets reacted as well, with the dollar continuing to weaken versus key peers. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

The week’s calendar is crowded: the Federal Reserve’s next decision is due Wednesday, and several of the market’s most influential companies are scheduled to report results in the days around it. With inflation still a concern, many economists expect the Fed to hold rates steady, making the tone of Chair Jerome Powell’s press conference almost as important as the decision itself for stocks and bonds. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

Other headlines also fed into the day’s crosscurrents. Airlines saw mixed trading as carriers dealt with large-scale flight disruptions tied to a major winter storm, a reminder that weather and logistics shocks can quickly spill into corporate outlooks. Meanwhile, overseas markets were mixed, including a notable drop in Japan that traders linked partly to currency strength concerns for exporters. ([apnews.com](https://apnews.com/article/cfcf7fb103655bb78ead3f0078ac457f))

What to watch next

• Federal Reserve decision and Powell’s guidance on Wednesday
• Earnings from major mega-cap companies that can swing indexes
• Any escalation—or softening—of U.S.-Canada tariff rhetoric
• Gold and dollar moves as a real-time barometer of risk appetite