WSJ Your Money Briefing – What’s News in Markets: Silver’s Slide, Travel Chaos, Tesla Tanks

Date: January 3, 2026
Host: Francesca Fontana
Podcast: The Wall Street Journal

Episode Overview

This episode of Your Money Briefing provides a concise recap of the first week of 2026, spotlighting significant developments in the markets. Host Francesca Fontana guides listeners through choppy stock market performance, a dramatic slide in silver, airline stock reactions to travel disruptions, and Tesla’s new standing in the electric vehicle market.

Key Discussion Points & Insights

1. Market Performance: Quiet Close to 2025

[00:26 - 01:25]

• The week was relatively subdued on Wall Street, with no dramatic year-end rally.
• Yearly recap:
  • S&P 500 posted its third consecutive year of double-digit gains—up 16% in 2025.
  • Dow Jones rose 13%.
  • Nasdaq climbed 20%.
• Weekly results:
  • All three major indices ended the week lower.
    • S&P 500: down 1%
    • Dow: down about 0.7%
    • Nasdaq: down 1.5%
• Tone: Lighthearted; Francesca opens with her "rager" New Year's party—a Turner Classic Movies marathon with her cat.

Memorable moment
"Hope you all had a great time ringing in the new year. I myself had a rager, a marathon of Turner Classic Movies with my cat. No better way to party in my book."
— Francesca Fontana [00:34]

2. Precious Metals: Sudden Slide in Silver

[01:25 - 02:21]

• Backstory: For months, investors bought up precious metals to hedge against a weakening dollar and volatile tech stocks.
• This week: CME Group increased margin requirements after a run-up in silver, triggering a sharp drop.
  • Silver futures saw the steepest one-day decline in nearly five years.
• Impact on stocks:
  • Hecla Mining (silver): down 5% Monday, 6.6% for the week.
  • Newmont (gold): down 5.6% Monday, 4.3% for the week.
• Context: Margin requirement hikes are common after commodity price surges.

3. Travel Turbulence: Airlines Hit by Holiday Chaos

[02:21 - 03:26]

• Event: Heavy snowstorms across the US disrupt travel during the busy holiday period.
• Effects:
  • Over 10,000 US flights delayed and more than 900 canceled on Monday (FlightAware).
• Airline stocks performance:
  • Delta: down 1.9% Monday, down 2.5% for the week.
  • United: down 2.3% Monday, down 0.9% for the week.
  • American: down 1.9% Monday, but up 0.3% for the week.
• Analysis: Weather-related disruptions add volatility to pre-existing market concerns around airlines.

4. Tesla’s Rough Start: BYD Claims the Electric Vehicle Crown

[03:26 - 04:32]

• Major news: Chinese automaker BYD overtakes Tesla as the world's top seller of EVs.
• Figures:
  • Tesla 2025 deliveries: down 8.6% year-over-year (~1.6 million vehicles).
  • BYD 2025 sales: 2.26 million EVs.
• Turnaround: Just a few years ago, BYD’s very survival was questionable; now it leads globally in EV sales.
• Stock market reaction:
  • Tesla shares fell 2.6% on Friday, closing the week down 7.8%.
• Industry context: This marks “a reversal of fortunes” in the global electric vehicle race.

Notable quote:
"Tesla was once the leading EV maker, while only a few years ago BYD's founder worried that the company might not survive."
— Francesca Fontana [04:10]

Notable Quotes & Memorable Moments

• On New Year's Eve:
  "It was a sleepy holiday in my house and it was a pretty sleepy week in the market..."
  — Francesca Fontana [00:40]

• On Silver’s Slide:
  "On Monday, silver futures experienced their steepest one day decline in almost five years."
  — Francesca Fontana [01:52]

• On Airlines:
  "Holiday snowstorms across the US caused a flurry of cancellations ahead of the new year."
  — Francesca Fontana [02:33]

• On Tesla & BYD:
  "It's certainly a reversal of fortunes for these two. Tesla was once the leading EV maker, while only a few years ago BYD's founder worried that the company might not survive."
  — Francesca Fontana [04:10]

Timestamps for Major Segments

• [00:26] Episode opens, recap of market activity
• [01:25] Precious metals (silver) sudden drop
• [02:21] Airline stocks react to holiday travel chaos
• [03:26] Tesla overtaken by BYD in global EV sales
• [04:49] Episode ends (ads begin)

Closing

Francesca Fontana wraps up by encouraging listeners to read “The Score,” her column in the Wall Street Journal’s Exchange section, for more insights and stock moves from the week.

"Now you know what's news in markets this week. You can read about more stocks that moved on the week's news in The Score, my column in the Wall Street Journal's Exchange section."
— Francesca Fontana [04:32]

Tone: Friendly, conversational, and informative throughout, with data-driven insights and gentle humor.