Gold, Dollar Rise on Venezuela as AI Fuels Stocks: Markets Wrap
(Bloomberg) — Gold and the dollar rose after the ouster of Venezuela’s President Nicolas Maduro fanned geopolitical risk. Growth assets remained in demand, with technology stocks driving gains in equities.
Nasdaq 100 futures were up 0.6%, with chip stocks such as Micron Technology Inc. and Intel Corp. gaining more than 3% in premarket trading. Gold climbed above $4,400 an ounce, while silver jumped more than 3%. A gauge of the dollar headed for its biggest gain since November. S&P 500 contracts climbed 0.2%.
Brent crude swung between gains and losses as oil traders weighed the fallout from the developments in Caracas. Chevron Corp. rose more than 6% in early trading, alongside sharp gains across US oil majors, after President Donald Trump floated plans for a US-led revival of Venezuela’s industry.
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On a day that saw demand for havens as well as riskier assets, the greenback and gold offered safety as questions swirled about what the weekend’s events hold for the global order. Equity traders, meanwhile, are showing little concern that tensions will curtail a three-year bull run.
“The economic impact of what happened in Venezuela is too small to weigh on equity markets,” said Christopher Dembik, senior investment adviser at Pictet Asset Management. “That’s also true when it comes to oil: people have had the time to take a look at the data and in the most optimistic scenario, it will take two or three years to have a significant impact.”
The buoyant mood in big tech stocks was most prevalent in Asia, where a regional gauge hit an all-time high. Technology and mining equities led gains in Europe.
AI “absolutely stays the most dominant factor in the markets right now,” Charu Chanana, chief investment strategist at Saxo Markets, told Bloomberg TV. “Tech optimism continues to overpower any of the other narratives.”
There is still uncertainty about what comes next. Venezuela’s acting president Delcy Rodríguez asked the US to work with her country, striking a more conciliatory tone toward the Trump administration after her initial outrage at the capture of Maduro.
In bond markets, the yield on 10-year Treasuries was little changed at 4.18%. The question is whether the events will add to the appeal of US debt by stoking risk, or diminish demand due to concerns over inflation or US fiscal policy.
“There are too many uncertainties to contend with,” wrote Mohit Kumar, chief economist and strategist for Europe at Jefferies. “Near-term drivers are likely to shift back to macro – the AI debate, unemployment and inflation picture and the large supply in government and corporate bonds in January.”
Venezuela Bonds
Meanwhile, Venezuela’s deeply discounted bonds stood poised to gain after the capture of Maduro set the stage for the potential regime change that investors have been betting on.
Defaulted notes from the sovereign and state-run oil company PDVSA have already more than doubled to between 23 and 33 cents on the dollar in the past few months as Trump ramped up pressure. While still far out, the prospect of a potential debt restructuring could fuel further gains.
Key economic data will also shape the week ahead. In addition to the December jobs report, the US Bureau of Labor Statistics will issue figures on Wednesday for November job openings, quits and layoffs. The Institute for Supply Management’s December surveys of manufacturers and service providers will also offer clues about employment in those industries.
Later in the week, the US government will report on housing starts, while the University of Michigan issues its preliminary January consumer sentiment index.
What Bloomberg strategists say…
“Given the limited macro relevance of events in Venezuela, the dollar’s likely focus will begin to pivot back toward speculation about who will get the top job at the Fed. There’s a risk the central bank may keep rates low in order to minimize debt servicing costs. If this scenario begins to be taken seriously by the market, that would be a sure dollar negative.”
— Adam Linton, macro strategist. For full analysis, click here.
Corporate News:
US oil stocks jumped in premarket trading on Monday after President Donald Trump pledged to revive the Venezuelan energy sector following the capture of Nicolás Maduro over the weekend. Precious metals stocks also advanced, including Fresnillo Plc, Newmont Corp. and Freeport-McMoRan Inc. ASML Holding NV rallied in Amsterdam to a record high after Bernstein upgraded the stock to outperform from market perform, citing the AI-driven memory-chip super cycle. Saks Global Enterprises is looking to line up a loan of as much as $1 billion to keep the business running as part of a Chapter 11 bankruptcy filing that could happen in coming weeks, according to people familiar with the situation. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.2% as of 8:22 a.m. New York time Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average were little changed The Stoxx Europe 600 rose 0.3% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index rose 0.3% The euro fell 0.5% to $1.1664 The British pound fell 0.2% to $1.3435 The Japanese yen was little changed at 156.85 per dollar Cryptocurrencies
Bitcoin rose 1.6% to $92,702.59 Ether rose 0.4% to $3,156.92 Bonds
The yield on 10-year Treasuries was little changed at 4.18% Germany’s 10-year yield declined one basis point to 2.89% Britain’s 10-year yield declined two basis points to 4.51% Commodities
West Texas Intermediate crude rose 0.8% to $57.79 a barrel Spot gold rose 1.7% to $4,407.03 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Anand Krishnamoorthy.
©2026 Bloomberg L.P.
