MARKET SNAPSHOT
U.S. stock indexes ended mixed Friday as the Dow Jones Industrial Average slipped, while the S&P 500 and Nasdaq composite edged higher. Treasury yields fell on the session and ended the week little changed. The U.S. dollar weakened. Gold and silver prices rose, with both metals settling at new record highs. Oil futures rose on renewed market perception of geopolitical risk.
MARKET WRAPS
EQUITIES
Major U.S. stock indexes ended mixed Friday, capping a turbulent week in which President Trump's push to acquire Greenland roiled markets.
The Nasdaq composite edged up 0.3% and the S&P 500 gained less than 0.1%, but the Dow Jones Industrial Average declined 0.6%, weighed down by falls in members such as Goldman Sachs, Caterpillar and American Express.
Intel stock sank 17%, after the chip maker swung to a bigger-than-forecast loss and projected further losses this quarter.
The three major U.S. stock indexes were all lower on the week.
Markets in Asia ended higher on Friday.
China's benchmark Shanghai Composite Index rose 0.3%, the Shenzhen Composite Index climbed 1.2%, and the ChiNext Price Index added 0.6%.
Hong Kong's Hang Seng Index rose around 0.5%.
Japan's Nikkei Stock Average increased 0.3%.
Australia's S&P/ASX 200 Benchmark Index edged up 0.1%.
Stocks in New Zealand fell, as the S&P/NZX 50 Index dropped 0.8%.
COMMODITIES
Oil futures settled higher on renewed market perception of geopolitical risk going into the weekend.
Rhetoric around Iran and U.S. military moves contributed to the rise, said CIBC Private Wealth US senior energy trader Rebecca Babin. The gains were mostly a recovery from Thursday's losses on bearish U.S. inventory data and ideas that Russia-Ukraine talks would produce results, she said.
"Some of the commentary we're seeing today, and this has yet to be determined, is that the territorial issue remains unresolved," Babin said.
Another supportive factor was the winter storm in the U.S. expected to freeze in some production. A loss of 100,000 or 150,000 barrels a day isn't a huge number, "but that in combination with the geopolitical stuff is why you're seeing the move today," Babin added.
WTI settled up 2.9% at $61.07 a barrel and Brent rose 2.8% to $65.88 a barrel.
Gold futures hit an all-time closing high of $4,976 a troy ounce, up more than 8% over a week that featured its biggest percentage gain since 2020.
Silver futures closed above $100 an ounce for the first time as geopolitical anxieties added sparkle to precious metals.
TODAY'S TOP HEADLINES
Consumer Sentiment Improved in January, Michigan Survey Finds
Consumers felt a bit better about the economy in January as sentiment lifted off from near-historical lows reached late last year, according to the University of Michigan's monthly survey.
The survey's sentiment index came in at 56.4 this month, versus 52.9 in December. A preliminary January reading published two weeks ago had shown sentiment improving to 54.
Still, the slump in recent months has been one of the deepest in the survey's history, which dates to the 1950s. Over the past decade, similar slumps have only hit during the peak of the postpandemic inflation in 2022 and after President Trump unveiled steep worldwide tariffs last spring.
Economy shows signs of cooling, S&P finds. Tariffs still weigh on growth and hiring.
The economy got off to a decent start in the first month of 2026, new surveys show, but growth appeared to cool due to ongoing stress from U.S. tariffs.
A survey of service-oriented companies that employ most Americans - banks, retailers, hospitals and the like - was basically flat in January. S&P Global said its services index inched up to 52.8 from 52.7 in December and remained near an eight-month low.
A survey of manufacturers was also basically flat at 51.9.
Business Activity Picks Up in Parts of Europe and Asia
Business activity in the U.S. and a number of large economies across Europe and Asia picked up at the start of the year, with signs of a rebound in export orders as the global economy adjusts to the increase in U.S. tariffs.
Data firm S&P Global said Friday that its purchasing managers index measure of activity at manufacturers and service providers in the U.S. rose to 52.8 in January from 52.7 in December. A reading below 50.0 signals a decline in activity, and a reading above that level indicates an expansion.
Similar surveys pointed to accelerations in India, Japan and Australia.
Week Ahead for FX, Bonds: Fed Rate Decision in Focus
Following a turbulent week that ended with calm after President Trump backed off his threats to impose tariffs against European countries over Greenland, focus returns to economics and monetary policy, with a Federal Reserve meeting likely to be the highlight of the days to come.
Investors will be watching for clues on the likely timing of the next interest-rate cut as data show signs that the U.S. economy is improving.
The Bank of Canada will announce an interest-rate decision, as will central banks in Singapore, Sweden, Brazil and South Africa.
Amazon to Cut Thousands of Office Jobs, Report Says. It's Partly About AI.
Amazon.com is reportedly set to embark on another round of mass job cuts. Artificial intelligence is helping big companies trim their workforces.
Amazon aims to eliminate around 14,000 positions within its Amazon Web Services, retail, Prime Video and human resources units, among others. Layoffs could begin as soon as next week, Reuters reported, citing people familiar with the matter. Amazon didn't immediately respond to a request for comment from Barron's.
Shares rose 2.1% on Friday. The tech-heavy Nasdaq Composite was up slightly.
Intel Shares Slide as Costs Pile Up in Bid to Meet AI Demand
Intel's latest earnings report made clear that the chip-making company's turnaround is still a work in progress. The stock-which has more than doubled in value over the past six months-slid 18% in Friday trade.
The company lost money in the fourth quarter and is forecasting more losses in the first quarter of this year, as it spends heavily to ramp up production of its latest chips while contending with an inventory shortage.
The shortage makes it more challenging for Intel to capitalize on a surge in demand for data-center servers that use its chips. Cloud-computing giants that have been investing significantly in artificial-intelligence infrastructure are also now upgrading some of their older server lines.
Expected Major Events for Monday
05:00/SIN: Dec Industrial Production Index
05:00/JPN: Nov Indexes of Business Conditions - Revision
09:59/CHN: Dec FDI Foreign Direct Investment
21:00/SKA: Feb Business Survey Index
23:50/JPN: Dec Services Producer Price Index
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
January 25, 2026 16:30 ET (21:30 GMT)
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