Hello Capitalists,

Here is everything you should be watching today:

• Trump taps Warsh to lead the Fed

• Hard assets slide on the news

• China kicked out of the Panama Canal in huge Trump win

• Chevron romps home on earnings on looming Venezuela boom

• NYC shoppers shocked as new regulatory fees hit Instacart

Today’s markets + assets:

• 🔴 DOW: 48559.25 (⬇️ 1.04%)

• 🔴 S&P: 6930.58 (⬇️ 0.57%)

• 🔴 NASDAQ: 223535.29 (⬇️ 0.65%)

• ⚠️✅CBOE VIX Volatility Index: 17.51 (⬆️ 4.03%)

• 🔴 Gold: $4900(⬇️ 7.87%)

• 🔴 Silver:$90.24 (⬇️ 21.03%)

• 🔴 Bitcoin: $83,178 (⬇️ 0.90%)

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Trump taps Warsh to overhaul Fed leadership

President Trump on Friday nominated former Fed Governor Kevin Warsh to replace Jerome Powell as Federal Reserve chair, capping months of turmoil and pressure for lower interest rates ahead of Powell’s May term end.

• Former Fed insider chosen: Kevin Warsh, 55, served as a Federal Reserve governor from 2006-2011 and is seen by markets as credible with Wall Street ties, unlikely to fully bend to political demands.

• Contentious selection process: Trump ended a five-month search involving interviews of finalists like Christopher Waller and Rick Rieder by Treasury Secretary Scott Bessent, praising all candidates’ potential.

• Policy shift signaled: Warsh previously called for a “regime change” at the Fed and criticized incumbents’ credibility, amid ongoing debates over Fed independence and Trump’s push for aggressive rate cuts.

• Senate hurdles loom: Some Republicans like Sen. Thom Tillis vow to block confirmation until a DOJ probe into Powell resolves, while others praise Warsh’s monetary policy expertise.

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Precious metals crash gold dives below $5000

Gold plunged as much as 7% below $5000 an ounce Friday while silver tumbled over 13% shedding double-digit gains as a blistering rally in precious metals abruptly halted triggered by reports of Kevin Warsh’s nomination as Federal Reserve chair strengthening the dollar and easing debasement fears.

• Rally reversal hits hard: Gold futures dropped around 6% to near $5000 per ounce and silver plunged 13% toward $100 after recent record highs above $5500 and $120 respectively.

• Dollar boost drives selloff: Reports of Trump preparing to nominate Kevin Warsh for Fed chair lifted the dollar curbing the appeal of precious metals as a hedge against currency weakness.

• Profit-taking intensifies losses: Investors locked in gains after gold’s 80%+ yearly surge and silver’s even sharper rise leading to wild swings and broad metals market pullback.

• Market outlook shifts dramatically: The sharp correction raises questions about rally sustainability with analysts noting overshot prices and stretched technical indicators signaling potential further volatility.

• Broader Metals Sell-Off: Copper dropped over 3% after surging, platinum tumbled more than 10%, spreading the correction across industrial and precious sectors.

• Extreme Volatility Hits Metals: Silver suffered its steepest drop in years with over 17% decline, while gold fell as much as 8% amid overbought signals like RSI at 90.

• Rally Remains Strong Overall: Despite sharp pullback, gold up 17% in January and silver nearly 40% year-to-date, highlighting risks in parabolic moves.

Panama boots China-linked ports operator in “Donroe Doctrine” win

Panama’s Supreme Court voided a Hong Kong-based CK Hutchison subsidiary’s concession to operate key ports at both ends of the Panama Canal Thursday, delivering a major win for President Trump’s push to curb Chinese influence over the vital trade route.

• Court strikes concession: Panama’s top court declared the Panama Ports Company contract unconstitutional, invalidating operations at Balboa and Cristóbal ports since the 1990s.

• Trump claims victory: The ruling bolsters Trump’s administration efforts to counter perceived Chinese sway, following his threats to reclaim the canal under a new “Donroe Doctrine.”

• Stock impact hits hard: CK Hutchison shares plunged nearly 5% in Hong Kong trading as uncertainty grows over its stalled $23 billion global ports sale to a BlackRock-led group.

• China vows defense: Beijing condemned the decision as unlawful and pledged all necessary measures, including legal action, to protect its companies’ rights and interests in the region.

Chevron beats earnings despite oil crash, as record production soars and Venezuela boom looms

Chevron reported fourth-quarter 2025 adjusted earnings of $1.52 per share, surpassing Wall Street expectations, as record oil production—including a 21% quarterly surge—offset sharply lower crude prices amid the biggest annual oil drop since 2020. The company highlighted major upside potential from expanded operations in Venezuela following recent U.S. intervention.

• Record Output Achieved : Chevron pumped 4.05 million barrels of oil equivalent per day in Q4, up 21% year-over-year, driving global production to all-time highs and U.S. output up 16% for the full year.

• Venezuela Expansion Planned : The company expects to ramp up Venezuelan production by 50% over the next 18-24 months, positioning it uniquely among U.S. majors after U.S. seizure of assets and Maduro’s capture.

• Dividend Hike Announced : Quarterly dividend increased 4% to $1.78 per share, with $6.4 billion in total shareholder distributions during the quarter despite profit declines.

• Lower Prices Hit Revenue : Revenue fell 10% to $46.87 billion, missing estimates, while net income dropped 14% to $2.77 billion, pressured by weak crude markets but cushioned by cost efficiencies.

NYC Instacart shoppers horrified by new “Regulatory Response Fee” as new law takes effect

Instacart has added a $5.99 “Regulatory Response Fee” to New York City grocery orders this week after a new city law took effect, requiring app-based delivery workers to earn at least $21.44 per hour. The company blames the mandate for raising operating costs, prompting backlash from frustrated customers facing higher prices amid strained budgets.

• Worker Pay Boost: New York City law guarantees grocery delivery couriers a minimum of $21.44 per hour excluding tips, aligning with restaurant delivery rates and rising to $22.13 by April due to inflation.

• Tipping Rule Change: Platforms must now offer tipping options before checkout with a 10% default, addressing past practices that hid prompts and cost workers over $550 million in lost income.

• Fee Implementation Details: The fixed $5.99 surcharge appears at checkout for NYC orders, explicitly to offset increased costs from government regulations on delivery platforms.

• Customer Backlash Grows: Shoppers criticize the charge as excessive on social media, with some threatening or proceeding to cancel memberships over added costs during tough economic times.

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