January Rally Continues as Precious Metals Rise and Rates Move Higher

The January equities rally continues, as does the rise in precious metals. YTD, the NASDAQ is flat, while the Dow is up 2.3%, the S&P +0.6%, the even-weighted S&P +1.9%, the Magnificent 7 is down 1.1%, and the Russell 2000 is leading at +2.4%. The rally is broad-based; LTM, the NASDAQ is now outpacing the Magnificent 7 (+18.1% vs +16.1%). NVIDIA LTM is +27.1% and semiconductors is +48.4%. The only sectors +14% LTM are technology (+24.4%), industrials (+20.3%) and communication services (+20.3%). Single-digi ...