Weekly Market Bullets

for the week ending 1/23/2026

• US Equity Markets dropped last week as geopolitical tensions around Greenland and potential new tariffs lingered. The S&P 500 fell 0.4% for the week and is now up 1.0% for the year. The Nasdaq was down 0.1% for the week to bring its gains for the year to 1.1%, while the Russell 2000 (small cap stocks) declined 0.3% for the week and is now up 7.5% for the year.

• Global Equity Markets increased last week, responding more favorably to a reported agreed-upon framework for Greenland and continued strength in Asia. Developed Markets were up 0.2% for the week and are now up 3.5% for the year. Emerging Markets increased 1.1% for the week to bring their gains for the year to 6.9%.

• Gold Prices continue to rally sharply. The price of Gold hit another all-time high last week, closing the week at $4,983.10/ozt, up almost 15% for the year after posting gains of over 60% in 2025. Other precious metals like silver and platinum are also touching highs. Geopolitical tensions, a weak US Dollar, and expectations that the Fed may lower interest rates are driving demand for gold and other precious metals.

• The US now comprises about 20% of global oil production. US oil production has increased significantly over the past 15 years, with the US share of global oil production rising to about 20% in 2025 from about 9% in 2009, according to the Energy Institute. Interestingly, while the higher production has supported more US oil consumption, most of that increased production has been used for exports.

Market Data

for the week ending 1/23/2026