Weekly Market Recap: Friday, January 23, 2026 — Market Analysis

Key Themes This Week

• •Major indexes closed a volatile week with modest losses, as the S&P 500 fell 0.5% and the Dow dropped 0.6%, while the Nasdaq managed a slight 0.2% gain amid semiconductor strength.
• •Small-cap stocks extended a historic outperformance streak, with the Russell 2000 beating the S&P 500 for 13 consecutive sessions—a feat not seen since 2008—driven by favorable interest rates and domestic focus.
• •Geopolitical tensions over Greenland caused Tuesday's sharp selloff before President Trump reversed course on tariff threats Wednesday, sparking a strong midweek rally that markets ultimately couldn't sustain through Friday.