Wall Street steadies as gold and silver rebound and markets in Japan and South Korea soar

Markets are mostly higher before the opening bell Tuesday as more corporate earnings arrive and lofty precious metals recover from recent sell-offs.

Global shares surged, led by a nearly 7% jump in South Korea’s benchmark and a 3.9% rally in Tokyo that took the Nikkei 225 to a record as investors bought tech-related shares.

Futures for the S&P 500 rose 0.3% while futures for the Dow Jones Industrial Average were flat in premarket trading. Nasdaq futures are 0.5% higher.

Gold gained close to 6% on Tuesday, while silver’s price rebounded 12% following nearly 2% losses on Monday. Their prices cratered on Friday, including a 31.4% plunge for silver.

Gold and silver prices have surged with markets volatile and uncertainty over the Federal Reserve under a pending change in leadership. Many see the stock market as overvalued, and the threat of tariffs and heavy debt loads for governments worldwide have raised alarms.

Some cited Friday's wipeout of precious metals as a response to President Donald Trump’s nomination of Kevin Warsh as the next chair of the Fed. Others believe it was investors simply cashing out after borrowing money to load up on gold and silver, and not a wholesale change in expectations for demand.

On Wall Street, Palantir jumped more than 12% overnight to $164.42 after the artificial intelligence software company beat Wall Street's fourth-quarter sales and profit expectations and gave strong guidance for 2026. The company reported full-year revenue of $4.48 billion — a 56% increase over 2024 — and forecast another 60% revenue gain for 2026. Its shares are up 76% in the past year.

Pepsi shares slipped after the snack and beverage giant nudged past sales and profit expectations but said it would be cutting prices this year on Lay’s, Doritos and other snacks to try and win back inflation-weary customers.

Elsewhere, Japan's benchmark Nikkei 225 climbed 3.9% to finish at 54,720.66, its highest close ever. Shares in equipment maker Disco Corp. jumped 7.4% while those in testing equipment maker Advantest gained 7.1%.

Share prices have been boosted by expectations that Prime Minister Sanae Takaichi's Liberal Democratic Party will regain a significant majority in the parliament in a Feb. 8 election, ushering in more market-friendly policies. Some analysts warn the Japanese yen may weaken further if Takaichi boosts government spending, presenting hardships for consumers and some companies.

In South Korea, the Kospi gained 6.8% to 5,288.08, also a record. Investors appeared to regain confidence after the latest scare over a possible bubble in artificial intelligence as shares in Samsung Electronics Co. soared 11.4% while those in chip maker SK Hynix rocketed up 9.3%.

Hong Kong's Hang Seng gained 0.2% to 26,834.77, while the Shanghai Composite added 1.3% to 4,067.74.

Australia’s S&P/ASX 200 edged up 0.9% to 8,857.10. Australia’s central bank raised its benchmark policy rate for the first time in two years, citing higher inflation than anticipated before it last cut rates.

In Europe at midday, the German DAX rose 0.4% while Britain’s FTSE 100 was off 0.5%. France’s CAC 40 was unchanged.

In energy markets, benchmark U.S. crude picked up 25 cents to $62.39 a barrel. Brent crude gained 16 cents to $66.46 a barrel.

The U.S. dollar climbed to 155.87 Japanese yen from 155.61 yen. The euro cost $1.1799, up from $1.1791.