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SUMMARY
Amit Kukreja analyzes the market's performance as investors await significant earnings reports from major tech companies. The week saw fluctuations across sectors, with small-cap stocks leading gains and a continued focus on commodities like gold and silver.
MAIN POINTS
- Market activity on January 23, 2026, showed a midday pump followed by a fade, ending the day flat or slightly red.
- Amit discussed his increased position in a copper ETF, citing research on future demand for copper driven by energy transitions and data centers.
- Silver and gold attracted significant retail and institutional investment, with silver reaching $102 and gold nearing $5,000.
- SpaceX emerged as a notable focus for Baron Capital's ETF, which now allocates 22% of its portfolio to the company.
- Tom Lee predicted strong energy and basic materials sectors for 2026, alongside a potential small-cap rally.
- Debates continued over the relevance of SaaS platforms like Salesforce amid AI advancements.
- Big tech earnings, including Microsoft, Meta, Tesla, and Apple, are anticipated next week, with varying expectations on performance.
- Robinhood introduced a high-yield interest feature for cash tied up in options collateral, aiming to attract larger accounts.
- Severe winter storm warnings were issued across the U.S., with widespread disruptions expected.
- Retail investors showed strong momentum in gold and silver ETFs, with record inflows over the last 30 days.
DETAILED ANALYSIS
As the trading week concluded on January 23, 2026, market volatility remained a key theme. Despite a midday rally that briefly instilled optimism among traders, the major indices ended flat or slightly down, reflecting mixed sentiment. Small-cap stocks continued to outperform, marking a 5% gain for the month, while large-cap names like Meta and Nvidia faced challenges despite positive developments such as Nvidia’s clearance to sell H200 chips to Chinese firms.
Commodities drew significant interest, with silver reaching $102 per ounce and gold nearing the $5,000 mark. These moves were supported by retail and institutional inflows, with Bloomberg reporting record demand in silver due to industrial uses and a waning trust in the U.S. dollar. Amit Kukreja also highlighted his increased investment in a copper ETF, citing forecasts of rising demand driven by the energy transition and data center expansions.
Copper, often seen as a laggard compared to silver and gold, is positioned to benefit from long-term structural trends.
SpaceX also garnered attention, as Baron Capital’s ETF allocated 22% of its portfolio to the private aerospace company amid speculation of an impending IPO. The Financial Times reported that major banks like JP Morgan and Morgan Stanley are frontrunners to take SpaceX public, a move expected to bring significant liquidity to the ETF.
In the SaaS sector, debates emerged over the 'death of SaaS' narrative as AI integration becomes more prominent. Amit and his guest, Steve, argued that platforms like Salesforce remain indispensable to corporate operations, emphasizing the difficulty of transitioning away from entrenched software ecosystems. This perspective was bolstered by Salesforce’s strong earnings and customer retention metrics.
Next week’s big tech earnings are set to dominate market attention. Microsoft, Meta, Tesla, and Apple will report their quarterly results, each facing unique expectations. Microsoft, with its diverse ecosystem including Azure and Office365, is anticipated to show resilience despite a recent slump in its stock price.
Meta is expected to rebound from its prior underperformance, driven by strong EPS projections and a need to rebuild investor confidence. Tesla’s earnings call will likely center on Elon Musk’s narrative around future growth areas like Optimus robots and energy storage, as the company’s automotive segment faces challenges. Apple, despite a less dynamic product cycle, is predicted to post its best revenue growth in four years.
Robinhood made headlines by introducing high-yield interest on cash tied up in options collateral, a feature aimed at attracting more sophisticated traders from platforms like Schwab and Fidelity. This move highlights the company’s ongoing efforts to expand its user base and compete in a crowded brokerage market.
Finally, a severe winter storm began impacting the United States, with forecasts predicting widespread travel disruptions and power outages. The storm is expected to test energy grids, with data center operators potentially stepping in to alleviate strain.
In conclusion, the market remains in a state of flux, balancing optimism over earnings with caution stemming from macroeconomic and geopolitical uncertainties. The upcoming week will be pivotal, particularly for big tech, as investors seek clarity on growth trajectories and sector leadership.