Stocks briefly touch new all-time high, but can't maintain the lead

The S&P 500 spent much of the week climbing, but fell going into the weekend. 

Stocks
Despite more tariff tensions from the weekend, the S&P 500 pushed higher on Monday, fueled in part by strong performances from the tech sector. Tuesday brought more of the same, briefly pushing the index to new all-time highs, though it didn't manage to close above. A substantial price drop in UnitedHealth () shares weighed on the market after the company forecasted weaker-than-expected revenue. On Wednesday morning, the S&P 500 briefly broke the 7,000 level before reversing back below. Later that day, the Fed announced they would be holding interest rates steady for the time being. On Thursday, mixed earnings reports from large tech companies, as well as the potential for a new government shutdown pulled the market lower, with the S&P 500 briefly dipping below the 6,871 level before bouncing. The bearishness continued on Friday as investors digested a stronger-than-expected inflation report, as well as the announcement of a new Fed chair from the White House. Overall, communications, energy minerals, and consumer non-durables were the strongest-performing sectors during the week, while health services, non-energy minerals, and commercial services lagged.

Bonds
US Treasury yields rose during the first half of the week as investors looked ahead to Wednesday's Fed decision regarding interest rates. The general expectation was that the Fed would keep rates steady. Treasury yields initially rose again when that expectation was proven correct, but fell on Thursday after investors had time to digest the Fed's decision. However, they rose on Friday following a stronger-than-expected inflation report, as well as the announcement of a new Fed chair from the White House.

Oil
Oil prices rose during the week, with major indexes pushing over 1% higher on Wednesday, and over 3% higher on Thursday after President Trump made new comments regarding geopolitical affairs in the Middle East. Altogether, prices briefly traded at highs not seen since September 2025.

Gold 
Gold prices continued their relentless push higher during the first half of the week, but fell substantially going into the weekend. Silver prices soared as well before plummeting on Friday. Altogether, gold was trading down 3% on the week as of Friday's market close, while silver was down nearly 20%. Metals have been receiving substantial interest from investors over the last few weeks, driven by increasing geopolitical instability and uncertainty regarding the strength of the US dollar.

Crypto 
Bitcoin and the rest of the crypto market were once again laggards compared to stocks and metals. Bitcoin posted a weak rally when stocks pushed higher earlier during the week, then dropped over 5% on Thursday when stocks fell. Altogether, it finished the week up down 3.4%, remaining quite a ways off of its most recent all-time high, while stocks and metals both touched new all-time highs at some point during the week. 

Source: Yahoo Finance, as of January 30, 2026.

KEY DATA FOR THE WEEK OF FEBRUARY 2

Earnings season continues with more big tech companies on deck. Investors will also watch for a host of new data, including updates on employment.

Source: Fidelity.com, as of January 30, 2026.