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Today Fundamental Analysis: Chevron Surges 5% on Venezuela Regime Change Optimism as Dow Jones Breaks Record Highs

January 6, 2026, 08:35

Dow Jones closed at a record high on Monday, jumping about 1.2%, while the S&P 500 and Nasdaq rose around 0.6% 0.7% respectively. Energy and defense stocks led gains, with Chevron up more than 5% to $163.85, the highest level since Trump announced the reciprocal tariffs in April 2025. Other oil and defense names also rose yesterday on expectations of rebuilding Venezuela’s energy sector. Gold and oil prices climbed as well, reflecting a mix of risk-on sentiment and safe-haven demand.

Gold has risen 3% since the start of the week, now trading at $4,460. Silver has gained nearly 9% since market opened on Monday and it is currently trading above $79.00 an ounce.

Asian markets traded mixed, but defense stocks rallied for a second session as investors weighed geopolitical risks following the U.S. attack on Venezuela and the capture of the country’s presdient Nicolás Maduro. Japanese and South Korean defense names posted strong gains, with Korea Aerospace jumping up to 11%. Japan’s Nikkei rose 0.7% and the Topix hit a record high, while Hong Kong’s Hang Seng climbed 1.6% led by materials and real estate stocks.

In the forex market, EUR/USD stabilized near 1.1720 on Monday after rebounding from intraday lows, ending the session flat as improved risk appetite and weaker U.S. data offset rising geopolitical tensions. The dollar softened after the ISM Manufacturing PMI showed a tenth straight month of contraction. Investors now focus on key U.S. data, including ISM Services PMI, jobless claims and NFP, as well as Eurozone PMIs and inflation figures, which could influence ECB and Fed policy expectations.

Cryptocurrencies continued to rise with bitcoin now up nearly 9% since the start of the year, breaking above $94,740 and inching closer to $95,000 psychological resistance. Ethereum rose 2.5% yesterday to $3,264. ETF netflows showed $324 million of net positive flow yesterday for bitcoin and $65 million for Ethereum.

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