Gary analyzes three themes driving the markets this week: the diverging performances of the primary equity indexes; volatility in the tech markets driven by AI-disruption fears; and the imminent inflation (CPI) report.

Get our take on recent market events in this commentary covering the period January 1, 2026, through January 31, 2026.

This week was dominated by monetary policy and Microsoft. Gary analyzes the Fed’s decision to keep interest rates steady for the first time since July. Microsoft had a difficult week, losing around $400 billion in market capitalization when their shares fell 12% after their latest earnings report. Watch the video below for the full analysis.

This week Aya Yoshioka covers how gold has been “on a tear” and up almost 14% so far in 2026. Threats of new tariffs on Europe and proposed tax cuts in Japan rattled the markets, but, despite the volatility, the S&P 500 rallied Thursday afternoon to within 1% of all-time highs.