The S&P 500 finished the week higher amidst a volatile news week. More key economic data will be released in the coming week.
Stocks
The S&P 500 kicked off the week in the green, following developments from over the weekend regarding geopolitical tensions in Venezuela. Energy stocks were front and center during the rally, as the weekend's events carried potential implications for the oil industry. On Tuesday, stocks pushed higher, driven by a rally in key AI, tech, and semiconductor names. On Wednesday, however, the market traded higher before pulling back sharply, driven in part by losses in the financials and energy sectors. A new announcement from the White House regarding the Trump administration's stance on the real estate and defense industries also contributed to volatility. Then on Thursday, the tech sector pulled back, while key defense stocks rallied. Friday brought new all-time highs amidst a slightly weaker-than-expected nonfarm payroll jobs report. Overall, producer manufacturing, non-energy minerals, and process industries were the strongest-performing sectors during the week, while utilities, consumer durables, and communications lagged.
Bonds
US Treasury yields fell early in the week as investors digested news from over the weekend regarding Venezuela. They fell again on Wednesday before rallying, and 10-year yields pushed to 4.183% on Thursday. This comes amidst new jobs data released during the week. On Thursday and Friday, weaker-than-expected jobs-related data led yields to slide heading into the weekend.
Oil
Following developments from over the weekend regarding geopolitical tensions in Venezuela, oil prices pushed higher on Monday to start the week. However, the rally would be short-lived. Tuesday and Wednesday brought bearish price action as uncertainty over what the industry will look like following the weekend's developments settled in. On Thursday, however, prices rallied over 3% following continued developments in geopolitical affairs. Despite the headline-driven volatility, oil ultimately closed the week in the green overall.
Gold
Gold prices rose alongside stocks during the week. Geopolitical developments from over the weekend didn't get in the way of bullish price action in the stock market, but investors also doubled down on gold as a safe haven, as the potential implications of recent events remain uncertain.
Crypto
Bitcoin began showing signs of a breakout the previous Friday, followed through on Monday, but ultimately finished the down 1.8% as of Friday afternoon. At one point during the week, it pulled back nearly 6% from its weekly high. Altcoins followed in kind, with ethereum pushing higher on Monday and Tuesday before fading into the weekend. Most of the crypto market remained relatively quiet all throughout December, and traders had been waiting for volatility in either direction for further clues on where the market might be headed next. Overall, bitcoin is still trading well below its recent all-time high above $126,200.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | 1.1% | 1.6% | 85.0% |
| Oil (WTI crude) | 3.2% | 2.7% | 12.4% |
| Gold (New York) | 2.2% | 4.6% | 146.7% |
| Bitcoin | –1.8% | 1.7% | 135.2% |
Source: Yahoo Finance, as of January 9, 2025.
KEY DATA FOR THE WEEK OF JANUARY 12
Earnings reports from multiple large banks are on deck. Investors will also keep a close eye on Tuesday's CPI update for more clues regarding the current economic outlook.
| JPMorgan & Chase ( |
CPI – Tuesday |
| Delta Air Lines ( |
Existing home sales – Wednesday |
| Bank of America ( |
EIA petroleum status report – Wednesday |
| Wells Fargo ( |
Jobless claims – Thursday |
| Taiwan Semiconductor ( |
Retail sales – Thursday |
| Morgan Stanley ( |
Industrial production – Friday |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of January 9, 2026.