S&P 500 and Dow close at record highs despite Fed turmoil

Watch on YouTube ↗  |  January 12, 2026 at 21:55  |  3:10  |  CNBC
Speakers
Pippa Stevens — Markets and Energy Reporter, CNBC
Omar Aguilar — Chief Executive Officer, Schwab Asset Management
Brian Sullivan — Anchor, CNBC (Last Call / Power Lunch)

Summary

The video discusses record highs in the S&P 500 despite Federal Reserve turmoil. Omar Aguilar of Schwab Asset Management says the market began the year strong with cautious optimism, but he highlights geopolitics, credit, and consumer confidence as key risks. He flags credit as the highest risk due to AI capex funding needs shifting to private markets, and says he is watching the Supreme Court tariff ruling for its impact on bond and equity markets. Earlier, Pippa Stevens noted copper and silver declines driven by pulled-forward demand and record US warehouse levels.

  • S&P 500 closes at record highs despite Fed turmoil.
  • Omar Aguilar sees cautious optimism but multiple risks.
  • Credit is flagged as the highest risk this year.
  • AI capex funding needs are moving into private markets.
  • Consumer confidence may weaken on difficult headlines.
  • Supreme Court tariff ruling watched for bond and equity impact.
  • Copper and silver decline on pulled-forward demand and high inventories.
Ideas
Pippa Stevens Markets and Energy Reporter, CNBC 0:01
Copper and silver weak on pulled-forward demand.
Copper and silver are declining because a lot of demand has been pulled forward and US warehouse levels are at record highs, pointing to weaker near-term fundamentals.
COPPER SILVER MED
Omar Aguilar Chief Executive Officer, Schwab Asset Management 1:29
Credit is highest risk this year.
Credit is the highest risk this year because AI capex expansions across companies beyond technology need funding that is increasingly sourced from private markets; while credit markets have been fairly stable, they need close watching for stress.
Credit market MED
Omar Aguilar Chief Executive Officer, Schwab Asset Management 2:47
Tariff ruling is event risk for markets.
The Supreme Court tariff ruling is a key event to watch because either outcome could impact markets, potentially causing a reverse effect on parts of the bond and equity markets, including possible repayments that would pressure those markets.
Bond market Equity market MED
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This CNBC video, published January 12, 2026, features Pippa Stevens, Omar Aguilar discussing COPPER, SILVER, Credit market, Bond market, Equity market. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Pippa Stevens, Omar Aguilar  · Tickers: COPPER, SILVER, Credit market, Bond market, Equity market