Global markets opened 2026 with a soft but positive tone as liquidity stayed thin due to holiday closures in parts of Asia. Markets in Japan and China were shut, muting moves even as futures pointed higher in the U.S. and Europe.
In early cross-asset leadership, precious metals kept stealing the spotlight. Reuters cited spot gold at $4,351.70 an ounce and spot silver at $72.63, extending momentum from a standout 2025 run that was fueled by rate cuts, geopolitical hedging demand, and central-bank buying.
Equities were steadier than exuberant. U.S. futures were up modestly, with S&P 500 futures up 0.29% and Nasdaq futures up 0.36% in Reuters’ snapshot, while Europe’s opening bias was mixed. Investors also noticed oil attempting to stabilize after a rough year. Brent was around $61.00 and WTI near $57.57, per Reuters.
The catalyst driving early-year positioning is the same one that framed late 2025. The looming test of Fed independence and the U.S. rate path as President Trump prepares to name a replacement for Chair Jerome Powell. Reuters reported traders were pricing just a 15% chance of a rate cut this month, with roughly one cut expected by June. That rates uncertainty is helping explain why defensive hedges like gold are working even as equities try to grind higher.
Position for a market where upside is still possible, but leadership may rotate quickly. If rates expectations shift, metals, growth stocks, and the dollar can all reprice in a hurry.
