Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	−0.54%	+1.34%	+2.14%
S&P 500	−0.32%	+0.12%	+1.06%
Nasdaq	+0.04%	−0.16%	+1.22%
Russell 2000	−0.21%	+5.15%	+7.66%
MSCI EAFE	+0.34%	+3.71%	+3.99%
MSCI EM	+2.01%	+8.70%	+7.91%
Bloomberg U.S. Agg	−0.01%	+0.23%	+0.00%
Bloomberg U.S. Corp HY	+0.15%	+0.96%	+0.71%

Data as of: Friday, January 23, 2026, 4:00 p.m. ET

See important disclosures below.

01/19/2026 - 01/23/2026

U.S. Economy

• Data stayed firm; claims fell, PMI beat, sentiment hit highest since August

• Fed seen more hawkish; cuts repriced lower amid independence and Chair speculation

Equity Market

• Equities slipped modestly; S&P 500, Nasdaq lower, small caps reversed Friday

• Rotation broadened; mega-cap tech firm, momentum and cyclicals lagged

Bond Market

• Treasury yields steady; rate volatility eased to multi-year lows

• Dollar fell sharply, easing conditions and lifting commodity prices

Around the Globe

• Gold and silver surged to records amid dollar weakness and uncertainty

• Greenland tariff threats faded; focus turned to renewed U.S.–Iran tensions

The Week Ahead…

01/26/2026 - 01/30/2026

• Mon

  • Durable goods (Nov)

  • 2Y Treasury auction

• Tue

  • Consumer confidence (Jan)

  • Richmond Fed index (Jan)

  • Boeing, General Motors, UnitedHealth Group, UPS, Raytheon Technologies

• Wed

  • FOMC meeting (Jan)

  • Jobless claims, continuing claims

  • Microsoft, Meta, Tesla, IBM, ServiceNow

• Thu

  • Unit labor costs, productivity (Q3)

  • 7Y Treasury auction

  • Apple, Visa, Mastercard, Caterpillar, Comcast

• Fri

  • Producer price index (Dec)

  • Chevron, Exxon Mobil, Regeneron, Verizon, Colgate-Palmolive

The week ahead marks one of the busiest stretches of earnings season, with mega-cap technology firmly in focus. Microsoft, Meta, and Tesla report midweek, followed by Apple on Thursday, setting the tone for broader market sentiment. Results from other large-cap bellwethers across industrials, healthcare, financials, and payments will provide additional insight into consumer demand, pricing power, and margin pressures across the economy.

Macro attention centers on the January FOMC meeting, where rates are expected to remain unchanged, but forward guidance will be closely parsed after recent resilient economic data. Markets have steadily repriced rate-cut expectations lower, increasing the importance of Chair Powell’s tone around inflation progress, labor conditions, and financial stability. Jobless claims, labor cost data, and productivity figures midweek will further shape the policy narrative.

On the data front, November durable goods, January consumer confidence, and December PPI round out the inflation and growth picture. Treasury auctions throughout the week may also influence yields and risk appetite, particularly amid heavy issuance and evolving global bond dynamics.

-Matt Shaw, CFA

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