US rates edged lower amid labor market concerns while credit markets were impacted by equity market volatility

Meanwhile, bitcoin and software equities are moving like twins. Each week, the Syz investment team takes you through the last seven days in seven charts.

Major U.S. equity indexes finished a volatile week mixed, as large-cap tech stocks suffered their worst week since November while small-cap and value stocks added to their YTD gains. Worries about the disruptive potential of AI, as well as concerns regarding a surge in capex, weighed on many of the high-growth stocks that have outperformed in recent years. In contrast, some cyclical and value-oriented segments outperformed as investors seemed to rotate into the areas that have lagged firms with more AI exposure. Corporate earnings and geopolitical tensions also appeared to contribute to the week’s volatility. The Nasdaq performed worst, shedding 1.84%, while the S&P 500 finished little changed. On the other hand, the Russell 2000 and the Dow Jones posted solid gains (and hit $50k for the 1st time).

US rate markets took Warsh’s nomination with calm, demand for credit and EM debt remains strong

While gold, silver and platinum were the best performing commodities over the past year, they took a hit at the end of last week. Each week, the Syz investment team takes you through the last seven days in seven charts.

The week of 23-30 January 2026 was marked by sharp moves in Big Tech, ongoing outperformance of non-US equities and record high prices of gold and silver

This S&P 500 index advanced over the week, topping 7,000 but ultimately retreating from its new intraday high. Large-cap value stocks gained and outperformed their growth counterparts. Small-cap stocks lagged and finished the week lower. Within the S&P 500, the communication services and energy sectors led the way. Health care stocks pulled back the most. Initial U.S. jobless claims came in at 209,000 for the week ended January 24—above the consensus estimate. After three consecutive rate cuts, the Federal Reserve left the benchmark fed funds rate unchanged, in line with market expectations. A 10–2 vote underpinned the decision, with the two dissenting policymakers favoring a 25-basis-point reduction.

Flash note

Credit markets hold firm while sovereign bonds digest the adjustment in Japanese yields

The trading week spanning 16-23 January 2026 was defined by extraordinary volatility as global markets grappled with a high-stakes diplomatic standoff over Greenland.