Market Update: January 27, 2026

In a week where geopolitics collided with markets, U.S. equities closed mixed after a volatile stretch dominated by President Trump’s pursuit of Greenland and its potential implications for trade relations. The S&P 500 fell 0.4%, marking a second straight weekly decline despite remaining up 1% month-to-date.

Early-week losses were largely recovered as tensions between the U.S. and Europe eased. However, a notable rotation toward non-U.S. assets took hold, sending the dollar to its weakest weekly performance since June. Meanwhile, gold surged 8% to a record $4,980 per ounce and silver breached $100 for the first time—clear signs investors are seeking traditional stores of value amid heightened uncertainty.

Sector performance reflected shifting sentiment. Energy (+3.1%) and materials (+2.6%) outperformed on the back of rising commodity prices and strong earnings from SLB and Freeport-McMoRan. In contrast, financials (-2.5%), real estate (-2.4%), and utilities (-2.0%) lagged as higher Treasury yields and disappointing results from firms like Capital One and Charles Schwab weighed on performance.

Technology, too, faced headwinds—Intel dropped 17% on a weak outlook, sparking renewed concern about chip-sector momentum. Despite these pressures, overall business activity held in expansion territory with the S&P Global Composite PMI at 52.7, though cooling job growth and rising input costs hint at slower momentum ahead.

Looking ahead, all eyes turn to this week’s Fed meeting and a crucial wave of corporate earnings from Microsoft, Apple, Meta, and Tesla. With the “Sell America” trade narrative resurfacing, investors appear increasingly focused on the balance between geopolitical uncertainty and the staying power of global growth.

The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness.  All information and opinions expressed are subject to change without notice.  Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product.