The S&P 500 and Nasdaq fell, with the Dow Jones slipping as risk assets sold off broadly. Precious metals and financial stocks led decliners after a historic crash in gold and silver, while retail and consumer staples stocks showed resilience. The dollar rallied as gold and silver posted dramatic declines, potentially due to President Trump’s nomination of Kevin Warsh as Federal Reserve leader. Silver saw its biggest daily fall on record, down over 35%, while gold futures fell 11%. AI skepticism weighed on the Nasdaq, as health stocks felt pressure from government proposals to cap Medicare Advantage rates.

Read more at Nasdaq: Stock Market Today, Jan. 30: Gold Plunges As Dollar Strengthens