GoAI Market Wrap - 9th Jan

Stock Market  

Eastern Time Thursday, the three major U.S. indices closed mixed, with tech giants like Nvidia pulling back while the defense sector surged across the board on Trump's proposal to boost military spending.  

 

The overall market trend was subdued, with the S&P 500 essentially treading water all day and exhibiting minimal volatility. Against a backdrop of slightly higher U.S. Treasury yields, influenced by mixed U.S. economic data, most individual stocks recorded gains.  

 

At the close: The Dow rose 270.03 points (+0.55%) to 49,266.11; the Nasdaq fell 104.26 points (−0.44%) to 23,480.02; the S&P 500 rose 0.52 points (+0.01%) to 6,921.45.  

 

Analysts noted that after several days of consecutive gains, the market saw some profit-taking, while geopolitical risks remain elevated. Currently, the market is repositioning ahead of the upcoming earnings season.  

 

Data showed a slight increase in U.S. initial jobless claims last week, with labor demand remaining weak — corroborating Wednesday’s ADP employment data and JOLTS job openings figures.  

 

Traders are focusing on Friday’s December nonfarm payrolls report, which will be one of the first high-reference-value macroeconomic data releases after the longest U.S. government shutdown in history.  

 

Rating agency Fitch upgraded its U.S. growth forecast that day, expecting 2025 GDP growth of 2.1% and, after incorporating data delayed by the shutdown, projecting 2026 growth at 2.0%.  

 

Bank of America Senior Investment Strategist Rob Haworth said that while he believes tech and artificial intelligence (AI) will remain key investment themes for 2026, whether this trade can continue driving stock market gains will depend on whether real-world application scenarios truly materialize and in which sectors.  

 

He added: “We’ve already seen some early signs in the healthcare sector. When we talk about areas like robotics, insurance, and diagnostics, these types of companies will be among the earliest beneficiaries — precisely the directions we see as having growth potential.”  

 

Saxo Bank Chief Investment Strategist Charu Chanana said: “After a strong start to 2026, the market is taking a temporary breather. Almost no one is willing to take on new risks ahead of Friday’s U.S. jobs data.

 

The debate around the Fed’s policy path remains unsettled, and news on regional security situations is keeping market positions cautious.”

Global Hotspots  

Trump: Must “own” entire Greenland  

 

U.S. President Trump said the U.S. must “own” all of Greenland, not just exercise military and defense rights under existing treaties. Trump called ownership itself a strategic value unattainable through leases or treaties.  

 

Iran implements internet controls, widespread outages  

 

Local time evening of the 8th, Iran implemented internet controls in capital Tehran. Around 8 p.m. local time on the 8th, internet services in Tehran where reporters are located were interrupted. International NGO NetBlocks, which monitors global internet access, said Iran is imposing nationwide internet restrictions related to ongoing protests in multiple areas.

Corporate News  

Mining giants Glencore and Rio Tinto restart merger talks  

Glencore announced it notes recent media speculation and confirms preliminary discussions with Rio Tinto Group and Rio Tinto Limited (collectively “Rio Tinto”) on a possible business combination, which may cover some or all of Rio Tinto and Glencore’s operations, including an all-share merger between Rio Tinto and Glencore.

 

Parties currently expect any merger to be implemented via Rio Tinto acquiring Glencore under a court-approved scheme. No certainty on terms or offer if agreed, and if agreed, specific terms or structure uncertain — further announcements as appropriate. Per rules, Rio Tinto must decide by February 5, 2026, 5 p.m. Nearly a year ago, the two had M&A discussions that ultimately failed.  

 

Google introduces more Gemini features to Gmail  

 

Google announced Thursday more Gemini features for its email service Gmail, including AI-generated email thread summaries and other upgrades. In an official blog post Thursday, Google said: “When you open an email with dozens of replies, Gmail will compile the entire conversation into a concise bullet-point summary.”

 

The company also said it will introduce “AI Overviews” from search results tops to Gmail inboxes. Email thread summaries will open to all U.S. users, while search summaries require Google One Ultra or Google One Pro subscriptions. Beyond summaries, proofreading tools provide real-time suggestions while writing emails. Google said proofreading improves email clarity, conciseness, grammar, and sentence structure. This feature is currently available only to paid U.S. subscribers.  

 

GM Q4 books $6 billion on EV business cuts  

 

General Motors said Thursday it will book a $6 billion one-time charge for exiting some EV-related investments. This is the latest automaker scaling back EV plans due to Trump administration policy shifts and cooling EV demand. In a regulatory filing, GM said the charge mainly stems from downward adjustments to planned EV production and resulting supply chain ripple effects.

 

Weeks ago, rival Ford announced similar moves but with significantly larger charges. In GM’s writedown, $4.2 billion is cash expenditure, mainly for canceling supply contracts and settling with suppliers. These suppliers invested based on expectations of sharp EV production growth, but changing market conditions make those unfeasible.

Forex & Commodities  

International oil prices rose January 8. NYMEX WTI crude futures front-month continuous up $2.41 to $58.4/barrel (+4.30%).  

 

COMEX gold futures front-month continuous up $25.40 (+0.57%) to $4,487.9/oz. Dollar Index rose January 8. The Dollar Index measuring against six major currencies rose 0.26%, closing at 98.936 in late forex.

Key Events  

CME raises precious metals futures margins for third time recently  

 

CME issued a notice local time January 8 raising fulfillment margins for precious metals products — its third such notice in nearly a month. The notice says effective after close January 9, comprehensive increases to gold, silver, platinum, palladium futures margins.

 

Additionally, most natural gas contract margins will be lowered. CME said the adjustments are based on a review of market volatility to ensure adequate collateral coverage.

Cryptocurrency  

Bitcoin 24h −0.07% to $91,211.50.  

 

Ethereum −1.70% to $3,113.43.  

 

XRP −1.81%, BNB −0.91%, Solana +1.57%.  

 

Dogecoin −0.83%, Cardano −1.15%.

Key Events  

CEX.IO Chief Analyst Illia Otychenko said in an interview: “Momentum from Bitcoin’s rise is fading. Early-2026 new capital allocations and positive geopolitics provided initial support but lacked strength to sustain gains.”  

 

Illia Otychenko said: “Current crypto market liquidity remains low, leading to volatile price swings.” He believes if Bitcoin stabilizes and rebounds after tomorrow’s U.S. jobs data, market prospects may improve.  

 

Wenny Cai also emphasized liquidity shortages, noting current market liquidity “more scarce than prior bull phases” — even with unchanged fundamentals, potentially amplifying price downside.