It isn't panic time yet – North American session Market wrap for January 14

[Ben Graham]

Log in to today's North American session Market wrap for January 14

Today's session unleashed a wave of panic across global markets, driven by a combination of factors: the weekend's attack on the Fed, inflation data that—while not alarming—remains hot enough to delay rate cuts, and most importantly, the growing probability of an attack on Iran.

Regarding the latter, such fears had built a strong premium into Oil prices despite today's release of very high US inventories: WTI surged from $55.80 to highs of $62 in about a week, a +10% move.

However, things calmed significantly when President Trump appeared, stating that the "killing in Iran is stopping," which would likely discourage US intervention—at least, that is what the market is assuming.

Promptly after the comments, released about an hour before the close, stocks were relieved of their intense pressure.

The Nasdaq, for example, rallied from down 1.70% at its lows to close the day down "only" 1%. The Dow Jones recovered to finish nearly unchanged.

Oil, on the other hand, saw a catastrophic drop as the premium eased, falling from $62 to $60 to close down on the session.

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WTI Oil 5m Chart – January 14, 2026 – Source: TradingView

Metals, however, are not trusting this headline. Silver closed well above $92, posting yet another 8% rise in today's session. Gold and Platinum also moved to new all-time and yearly highs, respectively.

Overall, the story seems far from over.

President Trump's decision relies on intel that the violence is subsiding, so we will need to see if the executions related to the revolts actually cease before the narrative truly dissipates.

In the meantime, this could be (albeit unlikely) a "pump-fake" in case the US really moves to attack Iran. Even if they don't, it is safe to assume the Iranian population will find its way. This is a story to be tracked closely.

Discover:

• Anxiety is rising in Markets – North American mid-week Market update
• The Iran Risk Premium: WTI Hits $62 as Revolts Continue – US Oil Outlook
• US Stocks plummet as Iran tensions mount - Dow Jones and US Stock Index Outlook

Stock Market Heatmap – A visible relief after the Trump Admin comments

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Market Close Heatmap – Source: TradingView – January 14, 2026

To see how things were looking, I invite you to check out our morning Index analysis.

Quite a calmer picture.

Cross-Assets Daily Performance

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Cross-Asset Daily Performance, January 14, 2026 – Source: TradingView

What a volatile session!

My call is that things can be expected to stay like this for a while.

Cryptos are largely the winners of today's session (and yesterday's), along with Silver (as per usual).

A picture of today's performance for major currencies

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Currency Performance, January 14, 2026 – Source: OANDA Labs

Except for the Yen rebounding sharply again in today's session, other FX majors have just dazzled around.

Keep an eye on geopolitical developments for the Yen and USD as safe-haven currencies!

A look at Economic data releasing throughout this tonight and tomorrow's sessions

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For all market-moving economic releases and events, see the MarketPulse Economic Calendar.

Except for a few data releases for New Zealand, UK GDP and a Fed Speak cascade, not much is expected tomorrow.

So keep a close eye on the freshest news regarding Iran, the main factor for markets right now.

Safe Trades!

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