Market Update: Natural Gas Soars, Gold Hits Record, Netflix Falls As Us Indices Fall

Markets saw significant cross-asset movements on January 20–21, 2026, as energy and precious metals outperformed amid severe weather and geopolitical tensions, while equities posted a partial recovery following steep losses. Natural gas futures surged by double-digit percentages due to a forecasted Arctic cold snap impacting the U.S. Northeast and Midwest, driven by both immediate heating demand and broader supply dynamics including LNG exports and localized production constraints.

Gold prices hit a record high above $4,800 per ounce as investors turned to safe-haven assets in response to intensifying geopolitical risks and trade uncertainty. Expectations of a weaker U.S. dollar and potential monetary easing further supported the rally in precious metals, with silver also touching multi-year peaks.

The U.S. stock market had its worst trading day since October, shaken by renewed trade tensions following White House threats of tariffs on certain European countries. Netflix shares declined despite strong quarterly earnings, as investors expressed concerns over the financial implications of its $82.7 billion all-cash bid for Warner Bros Discovery, including halted buybacks and potential margin pressures.