Market Review, January 29-30: The Beginning of a Market Correction From January 29th to 30th, the market experienced one of the fastest declines in recent years, with nearly $10 trillion in global market capitalization evaporating in just two days. ⏪ January 29th – Microsoft Earnings Triggers Risk Aversion Microsoft's earnings report showed that, against an increasingly competitive backdrop, the returns on artificial intelligence (AI) will take longer to materialize. As a Nasdaq-weighted stock, the sell-off in Microsoft (MSFT) triggered widespread equity deleveraging. Investors acted swiftly, selling off the most liquid assets, including precious metals, despite their recent strong performance. ⏪ January 30th – Fed Chair Appointment Changes Inflation Expectations The appointment of Kevin Warsh as the new Federal Reserve Chair eased concerns about uncontrolled money printing. The market quickly adjusted its expectations for monetary policy, reducing the demand for inflation hedges. Metals and Derivatives Experience Chain Liquidation 🔤 Market Impact - Stocks: Western markets generally declined - Precious Metals: One of the largest drops in history - Cryptocurrencies: Liquidations exceeded $2.5 billion due to macroeconomic pressures