Market Recap: 1.23.26
Equities were mixed on the week, with the S&P 500 falling ‑0.38%, the Nasdaq Composite down ‑0.34%, and the Dow Jones Industrial Average rising +0.05%. The 10 Year Treasury yield increased to 4.25% (+3 bps).
By: CIO Office
Summary
Equities were mixed on the week, with the S&P 500 falling ‑0.38%, the Nasdaq Composite down ‑0.34%, and the Dow Jones Industrial Average rising +0.05%. The 10 Year Treasury yield increased to 4.25% (+3 bps). Macroeconomic data showed U.S. GDP growing +4.4% while pending home sales dropped ‑9.3%. The PCE Price Index rose +2.8% and jobless claims ticked up to 200,000. Policy attention focused on tariff debates and uncertainty around the next Federal Reserve Chair. In corporate news, Intel fell more than ‑6% on a weak forecast, SpaceX advanced preparations for a potential 2026 IPO, and Tesla announced plans to sell its Optimus humanoid robot next year. Commodities strengthened, with gold up +7.6%, silver up +7.2%, and crude oil up +0.30%, while Bitcoin fell ‑6.7%.
10-Year Treasury Yield
- Current Rate: 4.25% (as of January 22, 2026)
- Week-to-date Movement: +3bps (from 4.22% on January 16, 2026)
Major U.S. Equity Indices Performance
- S&P 500: 6,940.01 → 6,913.35 (-0.38% WTD)
- DJIA: 49,359.33 → 49,384.01 (+0.05% WTD)
- Nasdaq Composite: 23,515.39 → 23,436.02 (-0.34% WTD)
Notable Market Events
- Macroeconomic Data: U.S. GDP grew at the fastest pace during the third quarter, driven largely by resilient consumer spending. The economy expanded at an annualized rate of +4.4%, slightly exceeding the +4.3% consensus estimate. Meanwhile, the pending home sales index, a leading indicator of based on contract signings, fell -9.3% in December. The Fed’s preferred inflation gauge, the PCE Price Index, rose +2.8% in November, remaining above the central bank’s 2% target. Initial jobless claims increased by +1,000 to 200,000 for the week ended January 17th, stabilizing at relatively low levels following a volatile holiday period.
- Economic Policy: The U.S. Supreme Court continues to debate over their upcoming decision on whether or not the Trump Administration’s tariffs will stay. Markets also continued to speculate on who will be chosen as Chairman of the Federal Reserve as BlackRock’s Rick Rieder was the latest candidate to meet with the President. Based on statements from both the President and Treasury Secretary Scott Bessent, its unclear who they will end up choosing.
- Business: Intel (NYSE: INTC) shares fell more than -6% after the company issued a lackluster forecast, citing supply shortages that weighed on sales. SpaceX announced it has hired four banks to lead its 2026 IPO, which is expected to be valued up to $1.5 trillion, positioning it to become the largest IPO in history. Tesla (NYSE: TSLA) CEO Elon Musk announced on Thursday that the company expects to begin selling its humanoid robot, Optimus, by the end of next year.
- Markets: Commodities were broadly positive on the week, with gold and silver rising +7.6% and +7.2% respectively after tariff pressure from the Trump Administration heightened geopolitical tensions between the U.S. and the European Union. Crude oil edged up +0.30%, while Bitcoin fell -6.7%.
Stock Sector Performance
All performance numbers and market events are sourced from Bloomberg as of market close 1/22/2026.
Disclosures
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