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.

Gold soars amid monetary shift and silver remains a steal. Each week, the Syz investment team takes you through the last seven days in seven charts.

US stocks traded sharply lower to start the week on Tuesday, with the S&P 500 Index posting its largest daily decline since October amid renewed fears of a global trade war after President Trump announced that he would impose new tariffs on European nations that opposed the U.S. purchasing or otherwise taking control of Greenland. Stocks reversed course on Wednesday after Trump said that he and NATO Secretary General Rutte had “formed the framework of a future deal with respect to Greenland” and that he would no longer “be imposing the Tariffs that were scheduled to go into effect on February 1st.”

Upward pressures on long-term rates

International stock market indices outperformed the US market during the week of 9-16 January. Geopolitical tensions continued to impact the sentiment, as the earnings season began with key banks reporting in the US and TSMC in Asia.

Markets, money, and machines: silver, the Fed, and AI chips. Each week, the Syz investment team takes you through the last seven days in seven charts.