The VIX had its best month since February 2025
Stocks retreated on Friday as Big Tech remained under pressure, with the Dow and Nasdaq shedding triple digits and marking a third-straight weekly loss. All three major indexes secured gains for January, however, with the Dow now on its longest monthly win streak since 2018 after scoring a ninth-straight gain. Meanwhile, the Cboe Volatility Index (VIX) climbed back above 17, marked a third-straight weekly pop, and closed out its best month since February 2025.
Investors welcomed President Trump’s nomination of Kevin Warsh to lead the Federal Reserve, taking it as a sign of continued Fed independence, with the U.S. dollar rallying as Treasury yields held firm. The U.S. government remained on track to begin a partial shutdown on Saturday, with the Senate still expected to vote on a funding deal today.
Continue reading for more on today's market, including:
5 Things to Know Today
- Panama Canal ruling boosts U.S. push to curb China's regional influence. (CNBC)
- Iran signals readiness for fair U.S. talks as Trump ramps Middle East pressure. (Reuters)
- Deckers stock enjoyed its best day since October 2023.
- Investors weighed a mixed report from American Express.
- AAPL stock gapped lower despite record iPhone sales.
Crude Nabs Massive Weekly Gain
Oil prices settled slightly lower on Friday, though tensions between the U.S. and Iran remained in focus. March-dated West Texas Intermediate (WTI) crude dropped 0.3% settle at $65.21 a barrel, but tacked on 6.8% for the week.
Gold prices fell after Trump's Fed chair pick eased independence concerns and boosted the U.S. dollar. February-dated gold futures shed 11.4% to $4,745.10 per ounce, below the $5,000 benchmark. For the week, the safe-haven yellow metal tumbled 6.7% lower.