Markets spent most of the week on edge before finally catching their breath. Tuesday's selloff had everyone nervous until Trump showed up in Davos and said what people needed to hear: no military force for Greenland. That was enough. Equities snapped back, tech bounced hard, and suddenly everyone remembered why they liked chips. Nvidia's CEO hinting at a China trip pulled AMD and the whole sector up with it. Intel missing guidance just made the rotation that much cleaner. But here's what actually mattered this week: storage. SanDisk ripped on NAND shortages and the dawning realization that AI data centers can't run on GPUs alone. Sometimes the biggest moves hide in the least obvious places.

Equities spent the week digesting geopolitical noise before finding footing late. The S&P 500 edged down 0.4% for the week despite Friday's modest gain, marking its second consecutive weekly decline. The Nasdaq followed a similar path, down 0.3% for the week as growth stocks struggled to sustain momentum. Defensive sectors lagged while energy outperformed on crude strength. The week's trading pattern was clear: risk-off Tuesday gave way to risk-on Thursday and Friday as Trump's comments eased tariff and military concerns. Volatility remained elevated, gold hit records, and the dollar stayed weak.

Energy led with 2.48% weekly gains, tracking crude's move above $77 as supply concerns persisted. Healthcare fell 1.73%, dragged by Abbott's miss and broader medtech weakness. Financials dropped 1.47% on Goldman's decline and rate uncertainty. Technology managed a modest 0.93% gain despite Tuesday's volatility, as chips outperformed. Industrials slipped 0.86% on Caterpillar weakness and cautious capital expenditure sentiment.

Bitcoin slipped 1.70% to close near $90,000, unable to reclaim psychological support despite equity market stabilization. Solana and XRP showed relative strength, down 1.59% and 0.70% respectively. Ethereum led declines at -4.18%, pressured by ETF outflows and continued competition from alternative Layer-1s. The broader market consolidated in tight ranges as leveraged liquidations flushed weak hands. Fear sentiment dominated with the Crypto Fear & Greed Index approaching neutral at 41, down from 43.

ETHEREUM

ETH underperformed as institutional flows reversed and macroeconomic uncertainty kept liquidity tight. Range-bound trading near $3,000-$3,300 reflected hesitation rather than capitulation. Competition from Solana and concerns about network activity relative to rivals added pressure. Technical breakdown below key support triggered algorithmic selling. Despite strong fundamentals in staking and tokenization, price action remained weak as traders awaited clearer direction.

Precious metals extended their rallies as safe-haven demand persisted. Gold surged 5.21% to record highs, driven by year-end profit-taking cycles meeting geopolitical uncertainty. Silver jumped 8.41%, the week's standout performer, as margin hikes triggered volatility and speculative positioning accelerated. Copper gained 2.42% on industrial optimism, particularly tied to data center buildout. Oil rose 1.63% to $77.45, supported by oversupply concerns despite soft seasonal demand. The sector reflected ongoing macro uncertainty and infrastructure investment themes.

Safe-haven flows dominated precious metals as investors positioned for policy uncertainty and geopolitical risk. Gold's record run reflected both dollar weakness and central bank buying, while silver's explosive move suggested speculative leverage amplifying underlying trends. Industrial metals benefited from AI infrastructure narratives, with copper's gains tied to data center construction and electrical grid expansion. Energy markets balanced oversupply concerns against potential demand recovery, with oil's modest gain reflecting tight physical markets despite bearish inventory data. The commodity complex signaled mixed conviction—defensive positioning in precious metals, cautious optimism in industrials.

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