CNBC Business News Update - Market Midday: Stocks Higher, Trump Changes Tone On Minnesota After CEO Letter, Gold Soars Again 1/26/26

Episode Date: January 26, 2026

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I'm Jessica Eddinger, CNBC. Wall Street higher this afternoon. The final week of January trading is on. The Dow up 193 points. Cisco Systems shares leading it higher. They're up more than 3% this afternoon. The S&P 500 index up 44 points. The NASDAQ up 180 points. Shares of invidia in the red, they're down almost one half of a percent. President Trump with a striking change in tone after a call with Minnesota Governor 10, him walls. President suggesting that he is now in communication with the governor of Minnesota and on friendly terms with a man that he has derided in past months as out of control. He's called him corrupt. He's used the R word to describe him. And now we see sort of a truce here in the wake of this horrific shooting that we saw over the weekend in Minnesota. That's CNBC's Amen Javvers. The change coming after the CEOs of major Minnesota-based companies.

signed a letter to President Trump after his ICE officers in that state shot and killed another U.S. citizen. The letter signed by executives from Target, 3M, Cargill, United Health Best Buy, the Minnesota Vikings. The Mayo Clinic, General Mills, Blue Cross and Blue Shield of Minnesota, Hormel, Medtronic, U.S. Bank Corp, and XL Energy. Just to name a few. Here's a take from CNBC's David Faber and Carl Quintanilla. The CEOs are, quote, calling for an immediate de-escalation attentions and for state, local, and federal officials to work together and find real solutions. It's actually a pretty robust list of companies there. It's interesting, guys.

We ended up having a conversation on Thursday about the reluctance of corporate America to speak. It's not even publicly, it's even privately. There is a fear amongst executives to criticize this administration in any real way. And so you have to take this letter in that light, I think. Trump administration borders are Tom Holman, we'll head to Minnesota to manage U.S. immigration and customs enforcements on the ground operations there. Gold with another record high, topping $5,100 an ounce.

There are so many amazing rationales pointed out for white assets are moving in a certain direction. These three are a great case in point, gold, silver, platinum. It's a safe haven trade. But CNBC's Steve Sedgwick notes it's now more of a momentum trade, maybe FOMO, fear of missing out as investors pile in. Has it become now just such a wonderful self-perpetuating momentum trade where the fundamentals aren't actually moving that aggressive? I mean, silver's a great case in point.

It is now $109. What do you think year-to-day, it's low is? 71 bucks. So it has rallied just over 50% in less than a month. Think about it. Safe havens aren't supposed to move 50%. It's quite extraordinary. Natural gas at a three-year high today.

Americans face higher heating costs in the severe winter weather. The IRS has opened tax filing season. Grammy Week is on in L.A. ahead of this Sunday's Grammy Awards. Jessica Ettinger, CNBC. I always wanted to teach money management, and that's why we created this club. This is really a great way to learn.

Go to CNBC.com slash join Jim.