Apple Crushes Earnings Estimates Amidst Historic Gold Volatility

Markets closed with a mix of optimism and trepidation on Friday as Apple delivered a stunning earnings beat for the first quarter of fiscal 2026, providing a much-needed lift to the tech sector. However, the broader financial landscape remains dominated by extreme turbulence in the commodities market, where gold and silver have experienced whipsaw price action that has left investors reeling.

Tech Giant Delivers

Apple Inc. (NASDAQ:AAPL) proved once again why it remains a market bellwether. Reporting after the closing bell on Thursday, the iPhone maker announced fiscal first-quarter revenue of $143.76 billion, comfortably surpassing analyst projections of $138.42 billion. The bottom-line numbers were equally impressive, with earnings coming in at $2.84 per share against an estimated $2.66. The strong performance provided a stabilizing force for equities heading into the weekend.

Commodity Chaos and the “Warsh Effect”

While Big Tech rallied, the precious metals market faced a historic shakeout. Gold tumbled over 6% in Friday’s session, settling at $5,001.80, while silver crashed a staggering 18.7% to $93.01. Copper also joined the sell-off, retreating 3.2% to just over $6.00.

This volatility is part of a larger, chaotic trend that began a week prior. The yellow metal had recently plummeted, shedding up to 18% at its lows—a single-day decline more severe than the drop witnessed during the onset of the COVID-19 pandemic. At one point, prices fell as low as $4,400, slicing through the 50-day moving average and shaking out leverage in the market.

Analysts attribute the initial shock to President Donald Trump’s nomination of Kevin Warsh as the next Chair of the Federal Reserve. While Warsh is viewed as a stabilizing figure regarding Fed independence, his nomination appeared to suck the momentum out of what had been an overheated gold trade.

Despite Friday’s 6.6% slide, the technical picture suggests a potential recovery. After bottoming out near $4,400, gold has managed to claw its way back above the psychological $5,000 threshold, currently trading roughly 15% above its recent lows. The massive liquidation over the past week has cleared out overbought conditions, potentially setting the stage for a resumption of the uptrend. Market watchers suggest that the sharp pullback may ultimately be nothing more than a dent in a long-term bull market, offering a tactical entry point for miners and bullion investors.

Standout Market Movers

Outside of the mega-caps and commodities, several individual stocks saw explosive movement. Robert Half Inc. (NYSE:RHI) surged 25% to $33.81 following a quarterly report that exceeded expectations. Meanwhile, VivoSim Labs (NASDAQ:VIVS) jumped 76% to $3.00 after securing major distribution deals for its toxicology services in Korea and China.

The most baffling move of the day belonged to TechCreate Group Ltd (NYSE:TCGL), which skyrocketed 218% to $274.20. The volatility was severe enough to trigger an inquiry from the NYSE American, to which the company responded that it was unaware of any undisclosed material information that would justify the trading frenzy.

The Losers

Not everyone participated in the rally. Brand Engagement Network (NASDAQ:BNAI) plummeted 40% to $31.83 after announcing a dilutive $1.5 million private placement priced significantly below market value. Similarly, Lexicon Pharmaceuticals (NASDAQ:LXRX) dropped 21% following news of a $94.6 million public offering.

Mortgage and financial services also took a hit, with PennyMac Financial Services (NYSE:PFSI) sliding 34% to $98.95 after delivering quarterly results that missed the mark.

Global Markets and Economic Data

Internationally, European equities shrugged off the commodity slump. The STOXX 600 gained 0.60%, with significant strength seen in Spain’s IBEX 35 and Germany’s DAX, which rose 1.64% and 1.02%, respectively. In contrast, Asian markets finished the week on a sour note. Hong Kong’s Hang Seng led the decline, dipping over 2%, while Japan’s Nikkei and China’s Shanghai Composite posted modest losses.

On the economic front, inflation concerns haven’t entirely dissipated. U.S. producer prices (PPI) rose 0.5% month-over-month in December. This marks the largest increase in three months, accelerating from a 0.2% rise the previous month, a data point that the Federal Reserve will undoubtedly be watching closely as leadership transitions loom.

Alternative Asset Classes

Amidst the volatility in traditional stocks and gold, some investors are looking further afield. Beyond the mines, interest is growing in tangible assets like rare whisky. Once considered merely a luxury good, whisky is increasingly viewed as a distinct asset class requiring a strategic approach to portfolio construction—covering everything from distillery selection to storage and insurance. For investors weary of the day-to-day whipsaws in the Nasdaq or the gold pits, the slow-maturing stability of liquid assets offers a starkly different value proposition.