Wall Street is having a pretty good start to 2026. By midday Tuesday, the major indexes were cruising toward their third straight winning session, with the Dow Jones Industrial Average up nearly 1% and hitting fresh record highs. Investors seemed eager to pile into cyclical stocks and blue-chip names, and the market's momentum showed no signs of slowing down.

But the real action was happening in metals. Silver absolutely exploded higher, breaking through $80 an ounce with a gain of more than 5%. The move came as persistent supply shortages continued to squeeze the market. And it wasn't just silver having a moment. Platinum surged 8.1% after already posting sharp gains on Monday, while palladium added 6.5%. Gold climbed for a third consecutive session, rising 0.9% to $4,490 an ounce. Even copper got in on the action, adding 1% to $6.07 per pound and setting new record highs.

Mining stocks naturally followed the metals higher. The VanEck Gold Miners ETF (GDX) and the Global X Silver Miners ETF (SIL) both gained 3.7%, riding the wave of bullion enthusiasm.

Memory Chips Lead the Charge

While metals stole some headlines, memory chip stocks were the day's true standout performers. Sandisk Corp. (SNDK) jumped an eye-popping 24.6%, Western Digital Corp. (WDC) surged 15.8%, and Seagate Technology Holdings (STX) climbed 12.4%. All three landed at the top of the S&P 500 gainers list.

The rally was driven by expectations that memory prices are headed higher as a global supply crunch takes hold. When supply gets tight and demand stays strong, chipmakers tend to do very well for themselves. Investors clearly liked what they were seeing.

Elsewhere in the market, Albemarle Corp. (ALB) rose 10.7% after Jefferies raised its price target on the stock. The upgrade cited stronger long-term demand tied to energy storage and electric vehicles, two themes that continue to generate investor interest.

Tesla Struggles Continue

Not everyone had a good day, though. Tesla Inc. (TSLA) fell more than 4%, marking its eighth decline in nine sessions. The electric vehicle maker is facing mounting competitive pressure in the robotaxi market, and reports of market share losses in Europe to Chinese EV-maker BYD didn't help sentiment. Tesla has been struggling lately, and Tuesday's drop extended what's been a rough stretch for the stock.

Energy stocks also lagged badly as oil prices pulled back. West Texas Intermediate crude fell 1% to $57 a barrel after Wall Street banks issued warnings that rising supply from Venezuela could put further downward pressure on prices. The Energy Select Sector SPDR Fund (XLE) dropped 2.1%, almost completely reversing Monday's gains that came on news of Maduro's capture. Chevron Corp. (CVX) slid nearly 4% after rallying over 5% the previous session.

Tuesday's Midday Market Snapshot

According to market data:

• The Vanguard S&P 500 ETF (VOO) rose 0.5% to $635.34.
• The SPDR Dow Jones Industrial Average ETF (DIA) moved 0.9% higher to $493.63.
• The tech-heavy Invesco QQQ Trust Series (QQQ) gained 0.7% to $622.37.
• The iShares Russell 2000 ETF (IWM) traded 0.3% up to $253.48.
• The Materials Select Sector SPDR Fund (XLB) outperformed with a 2.0% gain, while the Energy Select Sector SPDR Fund (XLE) lagged with a 2.1% decline.

Tuesday's Top Movers in the Russell 1000

The market's breadth tells an interesting story. Materials and tech led the way higher, driven by the metals rally and the chip stock surge. Energy was the clear laggard as oil price concerns dominated. For now, the bulls are in control, and Wall Street seems content to keep pushing major indexes toward new highs. Whether that momentum can continue will likely depend on how these commodity price moves play out and whether the supply dynamics driving both metals and chips remain intact.