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Happy Monday. This is TheStreet’s Stock Market Today for Jan. 12, 2026. You can follow the latest updates on the market here in our daily live blog.

Update: 9:35 a.m.

Opening Bell

The U.S. markets are now open for the day.

All four benchmarks are in the red this morning, but quite a bit higher than they were in overnight futures trading, recovering some of the losses created by the Federal Reserve Fallout.

This morning, former Fed Chairs Yellen, Bernanke, and Greenspan have issued a statement in support of Fed Chair Powell, who says he is facing retaliation for not lowering interest rates. The news from last night reignites concerns about Fed independence, with Yellen saying that this sort of interference is “the road to Banana Republic.”

As it stands, the Nasdaq (-0.01%) and S&P 500(-0.05%) are down just a few basis points this morning now. Then, the Russell 2000 (-0.17%) and Dow (-0.33%) are trending much further down, reversing a recent row of strong performances.

Here’s the S&P 500 at last look:

Credit Services Slide

In notable news, it’s credit service firms like Visa and Amex seeing the starkest declines today amid a skid in financials this morning, which is contributing to the Dow’s outsized decline.

Metal’s Moment

Aside from the equities news, continuous futures for gold (+2.6%) are above $4.6K for the first time, sitting at $4,618.20. Silver (+7.3%) is also at an all-time high, surpassing $85.105 this morning. The commodities are higher as a result of some of the Fed drama taking place this morning.

Separately, energy commodities WTI Crude (-0.49% to $58.83) and Natural Gas (+3%) are going in opposite directions.

Nvidia, Eli Lilly Announce New AI Lab

Nvidia(-0.17%) and Eli Lilly (+0.42%) announced this morning that they would open a new “co-innovation” AI lab to “reinvent drug discovery in the age of AI.” The push by the chip giant and pharma company represents a greater embrace of artificial intelligence in the biopharma industry, which has taken a greater interest in computational biology and models which purport to help fuel drug research.

Apple Chooses Gemini AI for Next AI Model

Apple (-0.16%) has reportedly chosen Google’s Gemini AI model to run Siri and Apple Intelligence in the coming year, confirming an earlier report that indicated that the consumer technology giant might choose to work with its software competitor as it prepares to stand up its own AI model internally.

That effort, which might take at least another year, comes after a tumultuous last year of AI problems for Apple. During that time, Apple Intelligence has relied heavily on OpenAI’s ChatGPT to offer AI tools.

The news pushed up Google parent Alphabet (+0.88%) by close to 1%, pushing its market cap above $4 trillion for the first time.

Update: 8:48 a.m. ET

A.M. Update

Good morning and happy Monday. The U.S. markets are trending lower this morning after the Trump DoJ was reported to be probing Fed Chairman Jerome Powell, renewing concerns about central bank independence and autonomy. The news sent metal futures like gold and silver to new records overnight, while U.S. equities futures declined.

Economic Events + Data

Today’s economic data slate is going to be a little light, at least when compared to last week’s fantastic array of updates. We’ll have updated grain stock data, bill/note auctions, plus speeches from various Federal Reserve leaders throughout the day.

Here’s the slate:

Earnings Today

There are no major earnings reports coming out today, but this week will see the start of a wider array of Q4 earnings, so keep your eyes peeled.