This week on Wall Street Week, we examine a tumultuous trading landscape in late January 2026, sparked by the nomination of Kevin Warsh as the new Federal Reserve Chair, which bolstered the dollar and precipitated a historic decline in gold and silver prices.

Equity markets struggled with mixed corporate earnings reports, most notably a significant drop in Microsoft, overshadowing gains from technology leaders like Meta. Compounding the volatility, rising crude oil prices emerged from heightened geopolitical tensions in the Middle East and domestic supply chain disruptions due to severe winter weather.

Overall, investor sentiment appears to be shifting from a phase of aggressive growth optimism to a more cautious and defensive outlook.

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* S&P.

01/26 M. 6,950.23 |

01/27 T. 6,978.60 |

01/28 W. 6,978.03 |

01/29 T. 6,969.01 |

01/30 F. 6,939.03 |

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* Nasdaq.

01/26 M. 23,601.36 |

01/27 T. 23,817.10 |

01/28 W. 23,857.45 |

01/29 T. 23,685.12 |

01/30 F. 23,461.82 |

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* DJI.

01/26 M. 49,412.40 |

01/27 T. 49,003.41 |

01/28 W. 49,015.60 |

01/29 T. 49,071.56 |

01/30 F. 48,892.47 |

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* 2-yr T Bond %.

01/26 M. 3.590 |

01/27 T. 3.569 |

01/28 W. 3.581 |

01/29 T. 3.551 |

01/30 F. 3.527 |

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* 10-yr T Bond %.

01/26 M. 4.211 |

01/27 T. 4.223 |

01/28 W. 4.251 |

01/29 T. 4.227 |

01/30 F. 4.241 |

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* S&P ROC %.

01/26 M. 0.501 |

01/27 T. 0.408 |

01/28 W. -0.008 |

01/29 T. -0.129 |

01/30 F. -0.430 |

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* VIX.

01/26 M. 16.15 |

01/27 T. 16.35 |

01/28 W. 16.35 |

01/29 T. 16.88 |

01/30 F. 17.44 |

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* Shiller PE.

01/26 M. 40.92 |

01/27 T. 41.03 |

01/28 W. 41.02 |

01/29 T. 40.94 |

01/30 F. 40.81 |

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* BCOMENTR.

01/26 M. 70.9364 |

01/27 T. 71.7526 |

01/28 W. 72.0158 |

01/29 T. 74.5063 |

01/30 F. 77.0174 |

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* BCOMINTR.

01/26 M. 439.97 |

01/27 T. 434.69 |

01/28 W. 438.81 |

01/29 T. 446.93 |

01/30 F. 434.75 |

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* SPGSAG.

01/26 M. 347.86 |

01/27 T. 349.94 |

01/28 W. 349.90 |

01/29 T. 349.97 |

01/30 F. 345.84 |

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* SPGSPM.

01/26 M. 7,172.79 |

01/27 T. 7,079.69 |

01/28 W. 7,412.24 |

01/29 T. 7,438.08 |

01/30 F. 6,372.99 |

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* WTI Crude Oil.

01/26 M. 60.63 |

01/27 T. 62.39 |

01/28 W. 63.21 |

01/29 T. 65.42 |

01/30 F. 65.21 |

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* Key Earnings Releases.

* 02/02 M. Walt Disney (DIS), Palantir (PLTR).

* 02/03 T. Pfizer (PFE), Merck (MRK), PepsiCo (PEP), Amgen (AMGN).

* 02/04 W. Eli Lilly (LLY), Alphabet (GOOGL), Qualcomm (QCOM).

* 02/05 T. Amazon (AMZN).

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* Major Economic Events.

* 02/01-02 S-M. OPEC+ Meeting.

* 02/02 M. ISM Manufacturing PMI.

* 02/03 T. JOLTS Job Openings.

* 02/04 W. ADP Employment Change / ISM Services.

* 02/05 T, Initial Jobless Claims / BoE & ECB Decisions.

* 02/06 F. Nonfarm Payrolls (January 2026) / Unemployment Rate.

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The complete audio transcript will be accessible at the following link: https://wallstreetweek.substack.com/ when it becomes available.