Weekly Market Update – January 26, 2026

Price Return Last Week

S&P 500 (0.4%)  S&P Mid Cap  (0.6%)    Russell 2000  (0.3%) 

MSCI EAFE   +0.1%     MSCI EM +1.1%   

10 Yr US Treasury Rate – rose from 4.23% to 4.24%

Source: Refinitiv Eikon

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Recent News

Greenland – President Trump announced new tariffs on several European countries in an effort to pressure Denmark to sell Greenland to the U.S.  The tariffs were set to start at 10% and increase to 25% on June 1 if a deal was not reached.  Trump stated in a speech in Davos, Switzerland on Wednesday that the U.S. wouldn’t use force to acquire the country and alleged that his sole focus for acquiring Greenland was for security purposes and not to gain access to critical minerals present in the country.  On Wednesday, Trump stated that he “formed a framework for a future deal” on Greenland and he had dropped the threat of tariffs.  Details on the deal remain unclear at the moment, but are thought to include a right of first refusal on any investments made in mining for mineral resources.

Source: The Wall Street Journal

Core PCE – Nov: 0.2% (Reuters Poll est. 0.2%) Oct: 0.2%

Delayed inflation data was released by the Bureau of Economic Analysis on Thursday.  October and November data points were released at the same time with the agency noting that they used estimates for October values given the lack of data received during the government shutdown.  As a result, most policymakers have focused on the November data report to assess overall inflation.  The year-over-year change in core inflation was reported at 2.8%.  Following the report, the market was estimating a 95% chance that the Federal Reserve does not adjust rates at its next meeting on January 28.

Source: Barron’s

Venezuela Oil Bill – The interim government in Venezuela proposed a new bill on Thursday aiming to attract U.S. energy companies to invest in the country.  The bill, which is expected to be approved this week, would give companies more operational autonomy and formalize oil production contracts with the government.  Royalties to the government would remain at 30% but could see a reduction to 15% in certain cases.  While potentially helpful to companies currently operating in Venezuela, most analysts don’t believe the changes are sufficient to attract outside capital, citing a lack of reform to the legal process as a missing element.  Exxon Mobil’s CEO, Darren Woods, has called the country “uninvestable” without additional changes.

Source: The Wall Street Journal

Sinners Rewarded – The film Sinners received 16 Oscar nominations last week, breaking the previous record of most nominations received by a single movie at 14.  The previous record was shared by three movies, All About Eve, La La Land, and Titanic.  Timothee Chalamet received his third Best Actor nomination for his role in Marty Supreme, becoming the youngest male actor since Marlon Brando to have already achieved three nods.

Source: Buzzfeed

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Upcoming Events

1/26 – Durable Goods, Notable Earnings Reports: Nucor

1/27 – Consumer Confidence, Notable Earnings Reports: GM, Union Pacific, Boeing, Nextera Energy, Northrop Grumman, UnitedHealth, RTX, Texas Instruments

1/28 – Fed Meeting, Notable Earnings Reports: Danaher, Starbucks, Amphenol, AT&T, IBM, Microsoft, Tesla, Meta, ServiceNow

1/29 – Notable Earnings Reports: Caterpillar, Honeywell, Blackstone, Comcast, L3Harris, Lockheed Martin, Southwest Airlines, Mastercard, Norfolk Southern, Pultegroup, Royal Caribbean, Thermo Fisher, Tractor Supply, Valero, WW Grainger, Apple, Deckers, Visa, Weyerhaeuser, Stryker, KLA

1/30 – PPI, Notable Earnings Reports: Verizon, Aon, American Express, Air Products & Chemicals, Chevron, Colgate-Palmolive, Exxon Mobil

Source: Refinitiv Eikon