Markets are looking shaky. How to ride out another trade war.

Subscribe to enjoy similar stories. To quote Yogi Berra, it’s déjà vu all over again. Fears about tariffs are now roiling the stock market, just as they did early in 2025.

So where should investors look when everyone seems to be nervous? Don’t try the bond market. With concerns about tariffs once again raising the specter of persistent inflation, the yield on the 10-year U.S. Treasury spiked to around 4.3%, its highest level since early September.

Yields rise when investors sell bonds, sending their prices lower. Still, there appear to be some pockets of safety in the stock and commodities markets. Smaller companies, and less volatile shares, beyond the huge tech companies that have led the rally over the past few years, are worth a look, market watchers say.

“Diversification is important. Selection matters," said Phil Neuhart, senior director of market and economic research at First Citizens Wealth. Among commodities, gold and silver, a play on a weak U.S.

dollar and expectations of more geopolitical instability, are popping once again. The surge in precious metals is boosting mining stocks as well. The VanEck Gold Miners and Global X Silver Miners exchange-traded funds were both up more than 5% in late afternoon trading Tuesday.

Newmont was up 4% to a new all-time high, making it one of the best-performing stocks in the S&P 500 on what is turning out to be a rough day for the markets. Silver miner Hecla, which has soared nearly 400% in the past 12 months, rose another 4% and also hit a record high. Oil is another commodity in focus given the questions about what’s going to happen in Venezuela now that the U.S.