Gold above $5,000, tariff threat to Canada, and a rare earths pop: what’s moving markets

A new week began with Wall Street balancing macro events and political risk. On January 26, 2026, investors watched for a Federal Reserve rate decision and a wave of corporate earnings while markets tried to stabilize after recent losses. Futures were little changed early Monday, a sign that traders were reluctant to take big positions ahead of potentially market-moving headlines. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

The most dramatic move was in precious metals. Gold futures pushed above $5,000 per ounce for the first time and kept climbing, reflecting demand for perceived safe havens amid geopolitical uncertainty and concerns about policy shocks. The rally extended to silver, which also hit record highs, amplifying the sense that investors were paying for hedges against volatility rather than chasing risk assets. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

Trade also re-entered the market narrative after President Donald Trump threatened a new 100% tariff on Canadian imports. Trump’s comments followed a Canada–China agreement that lowers certain tariffs and allows a defined number of Chinese electric vehicles into Canada. Canada’s prime minister, Mark Carney, responded that the deal aligns with existing U.S.-Canada trade commitments and said Canada is not pursuing a broader free-trade pact with China. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

In corporate and industrial policy news, USA Rare Earths drew attention after announcing it expected to secure substantial new federal support, along with major financing tied to domestic manufacturing goals. Shares surged on the update, reinforcing an emerging market theme: companies aligned with strategic supply chains—minerals, chips, and high-priority manufacturing—can see rapid repricing when Washington steps in with funding and potential equity stakes. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))

Taken together, the day’s market drivers show why investors increasingly treat politics, commodities, and industrial policy as core business variables. Rate expectations and earnings still matter, but trade threats, federal funding, and crisis-driven flight-to-safety flows are doing more of the day-to-day steering than they did in calmer cycles. ([investopedia.com](https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-january-26-2026-11892259))