Market Memo

Last week was a reminder that the market is still walking on a very thin line. The week of January 26, 2026 was marked by sharp volatility and a clear shift toward safety, as investors moved aggressively into safe-haven assets amid rising uncertainty. Precious metals completely stole the spotlight, with gold breaking above five thousand dollars an ounce for the first time ever and silver surging past one hundred seventeen dollars, driven by geopolitical tensions and aggressive trade tariff rhetoric tied to international disputes involving Greenland. On the policy front, the Federal Reserve held interest rates steady in the three point five to three point seven five percent range, with Jerome Powell striking a cautious but steady tone that acknowledged cooling inflation while still warning about external economic risks, a message that kept pressure on small-cap stocks. At the same time, the market entered a heavy earnings stretch that felt like a major test for artificial intelligence, and big technology names delivered mixed relief. Apple stood out with strong results, posting one hundred forty-three point eight billion dollars in revenue powered by a sharp jump in iPhone seventeen sales, especially from a recovering Chinese market, while Microsoft helped restore confidence by showing that its heavy investments in artificial intelligence are finally translating into meaningful cloud revenue growth. The week was not without scares, as markets dipped hard mid-week following White House threats of new tariffs on European goods, but those losses were partially erased as dip-buyers returned to high-performing technology and defense stocks. By the close, the major indices ended mixed, leaving investors stuck between optimism fueled by solid corporate earnings and lingering fear over global trade disruptions and geopolitical risk.