The Weekly Update
Week of January 26th, 2026
By Christopher T. Much, CFP®, AIF®
Markets ended a short but eventful week slightly lower amid geopolitical tensions and fresh tariff threats. However, constructive economic news appeared to buoy spirits as the week progressed.
The Standard & Poor’s 500 Index fell 0.35 percent, while the Nasdaq Composite Index was flat (-0.06 percent). The Dow Jones Industrial Average declined 0.53 percent. By contrast, the MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.91 percent.
Tariff Talk
Stocks opened lower on Tuesday after the White House threatened fresh tariffs on EU nations following an international debate over Greenland.
The S&P 500 and Nasdaq slid more than 2 percent, while the Dow Industrials also came under pressure.
Markets rebounded on Wednesday after assurances that the U.S. would adopt a more diplomatic approach toward Greenland. By the close of trading, the White House also walked back its tariff threats and said it had reached a framework for a Greenland deal.
On Thursday, markets accelerated higher, powered by a slight uptick in revised Q3 GDP and lower-than-expected weekly jobless claims.
The S&P 500 went sideways on Friday as investors looked ahead to a big week of Q4 corporate reports and the first Fed meeting of 2026.
Eye-Catching Small Caps
For the 14 consecutive trading sessions through Thursday, January 22, David beat Goliath—the Russell 2000 Index of small-cap stocks outperformed the S&P 500. The last time that happened was May 1996. Small caps broke that streak on Friday.
Small caps have historically outperformed large caps when interest rates have trended lower, but the 10-year Treasury rate has been rising since late October.
This Week: Key Economic Data
Monday: Durable Goods* (Nov).
Tuesday: Consumer Confidence.
Wednesday: Fed Interest Rate Decision. Fed Chair Powell Press Conference.
Thursday: Weekly Jobless Claims. Trade Deficit* (Nov). Productivity (Q3). Wholesale Inventories* (Nov). Factory Orders* (Nov).
Friday: Producer Price Index* (Dec).
* indicates publication of a report delayed by the government shutdown in October and November
Source: Investors Business Daily – Econoday economic calendar; January 23, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Tuesday: UnitedHealth Group Incorporated (UNH), RTX Corporation (RTX), The Boeing Company (BA), NextEra Energy, Inc. (NEE), Texas Instruments Incorporated (TXN), Union Pacific Corporation (UNP), HCA Healthcare, Inc. (HCA)
Wednesday: Microsoft Corporation (MSFT), Meta Platforms, Inc. (META), Tesla, Inc. (TSLA), Lam Research Corporation (LRCX), International Business Machines Corporation (IBM), Amphenol Corporation (APH), GE Vernova Inc. (GEV), AT&T Inc. (T), Danaher Corporation (DHR), ServiceNow, Inc. (NOW), The Progressive Corporation (PGR), Starbucks Corporation (SBUX), Automatic Data Processing, Inc. (ADP)
Thursday: Apple Inc. (AAPL), Visa Inc. (V), Mastercard Incorporated (MA), Caterpillar Inc. (CAT), Thermo Fisher Scientific Inc. (TMO), KLA Corporation (KLAC), Stryker Corporation (SYK), Honeywell International Inc. (HON), Lockheed Martin Corporation (LMT), Parker-Hannifin Corporation (PH), Blackstone Inc. (BX), Altria Group, Inc. (MO), Comcast Corporation (CMCSA)
Friday: Exxon Mobil Corporation (XOM), Chevron Corporation (CVX), American Express Company (AXP), Verizon Communications Inc. (VZ)
Source: Zacks, January 23, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
