Red screens. Honestly, it’s not the way anyone wants to start a Wednesday in mid-January, but here we are. If you’ve peeked at your brokerage account today, January 14, 2026, you probably noticed things look a bit… bruised.
The S&P 500 is currently down about 0.8%, which might not sound like a total disaster, but it’s the second straight day of selling after we just hit all-time highs. It feels like the market has a bit of a hangover. The tech-heavy Nasdaq is taking an even bigger punch, sliding 1.4%, while the blue-chip Dow is hanging in there a little better, down roughly 180 points or 0.4%.
Basically, the "January Effect" we all hoped for is getting tripped up by a messy combination of bank earnings, stubborn wholesale inflation data, and some pretty scary headlines coming out of the Middle East.
The Big Bank "Meh"
We’re officially in the thick of Q4 earnings season, and the big banks usually set the tone. Today, they set a tone that's kinda "meh."
Wells Fargo (WFC) is leading the retreat, dropping more than 5%. Even though they technically beat earnings expectations, their revenue was soft and they’re dealing with higher-than-expected severance costs. It’s a classic "sell the news" situation. Bank of America (BAC) and Citigroup (C) are also in the red, despite some bright spots in their reports.
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Investors are picky right now. Since stocks have run up so high lately, a "good" report isn't enough anymore; it has to be perfect.
Tech is Slumping, but Energy is Steaming
The "Magnificent Seven" aren't looking so magnificent today. Nvidia (NVDA) is down over 2%, and Apple and Microsoft are also dragging their feet. Much of this is due to a "risk-off" mood. When people get nervous about the world, they tend to trim their big winners first.
However, it’s not a total sea of red. If you own oil stocks, you’re probably doing okay. Exxon Mobil (XOM) and ConocoPhillips (COP) are actually up. Why? Because tensions in Iran are spiking again. Protests over there have traders worried about oil supply disruptions, which pushed West Texas Intermediate (WTI) crude up toward $62 a barrel.
The Inflation Ghost Returns
Just when we thought we could stop talking about inflation, the Producer Price Index (PPI) report for November dropped this morning (delayed because of that federal shutdown last fall).
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It wasn't great. While the "headline" number looked okay, when you strip out the volatile stuff like food and energy, wholesale inflation is sitting at 3.5% year-over-year. That’s the highest we’ve seen since early 2025.
This puts the Federal Reserve in a tough spot. Minneapolis Fed President Neel Kashkari didn't help the mood today, making some hawkish comments that basically suggested interest rate cuts aren't coming as fast as we’d like. Currently, the market thinks there’s only a tiny 3% chance of a rate cut at the next Fed meeting on January 27-28.
Gold and Silver are the True Stars
While stocks are struggling, "safe haven" assets are absolutely on fire.
- Gold: Hit an all-time record of $4,650 an ounce today.
- Silver: Surged nearly 6%, crossing the $90 mark for the first time ever.
- Bitcoin: Holding strong around $96,000.
When the world feels unstable—whether it's geopolitical drama in Iran or uncertainty about the new "Trump Accounts" matching programs—investors run toward things they can hold onto.
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Whats the stock market doing today? (The Reality Check)
Let’s be real: pullbacks are normal. We’ve had a massive run-up. J.P. Morgan’s Jamie Dimon has been warning about "hazards" like high asset valuations and geopolitical risks for a while now. Today is just those hazards coming home to roost.
You’ve also got some weird outliers. Trip.com (TCOM) is cratering nearly 17% because Chinese regulators are looking into them for antitrust stuff. And Rivian (RIVN) is down after a nasty downgrade from UBS. It's a day where the bad news is just piling up.
Actionable Next Steps for Your Portfolio
If you're wondering what to do with your money while the market is acting like this, here are three specific moves to consider:
- Check Your Energy Exposure: With crude oil hitting 2.5-month highs, your diversified funds might be getting a boost from energy that offsets the tech losses. Don't panic-sell the tech; let the energy side do its job as a hedge.
- Watch the $4,600 Level on Gold: If you're chasing the gold rally, be careful. We are at extreme record highs. It might be tempting to jump in, but wait for a "mean reversion" or a slight dip before adding new positions.
- Re-evaluate Your "Magnificent Seven" Weighting: If Nvidia and Microsoft still make up 30% of your portfolio, today is a reminder that when the tide goes out, the biggest boats drop the fastest. Consider if you need to rebalance into some defensive sectors like healthcare or consumer staples.
Stay calm. The market is just doing what it does—testing our nerves.