Weekly Market Update for January 23, 2026
by Gavyn Jensen-Schneider, Research Associate
Major market indices fell over 2% on Tuesday but clawed back most of those losses by week’s end, making for a noisy week of trading. The S&P 500 finished the week down -0.35%, while the Nasdaq fell -0.06%. The 10-Year Treasury yield, an interest rate indicator, closed at 4.23%, unchanged from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, rose +1 basis point (bp) to 3.63%.
Over the weekend, the President announced a new set of 10% general tariffs on eight European nations—Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland—which were scheduled to go into effect February 1st. These newly announced levies were part of the Administration’s push to acquire the semi-autonomous Danish territory of Greenland. The territory has a strategic location for military applications and has a supply of rare earth minerals comparable to the United States. Those minerals are trapped under a layer of arctic ice, making the minerals on this ironically named island difficult to access.
Though markets recoiled after these new tariffs were announced, investor’s fears were assuaged on Wednesday, when President Trump and NATO Secretary General Mark Rutte reached a “framework” for a future deal on Greenland. Negotiations are ongoing, but in light of the diplomatic progress, the February 1st tariff package was withdrawn.
The Core Personal Consumption Expenditures (PCE) Price Index rose 0.2% month over month in both October and November. On an annualized basis, Core PCE was 2.7% and 2.8% respectively, as inflation remains stubbornly above the Federal Reserve’s 2% inflation target. The final revised reading of GDP growth for Q3 beat analyst expectations, coming in at 4.4%, a strong showing considering that job growth was sluggish during the quarter.
The final week in January will be a busy one as some of the big tech companies—Microsoft, Meta, and Apple—announce their Q4 earnings. The Federal Reserve will meet on Tuesday and Wednesday next week to discuss interest rate policy, although the Fed is widely expected to leave the policy rate unchanged at 3.50% – 3.75% for now.
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