If you’re checking your ticker app today, Sunday, January 18, 2026, you might notice something a bit confusing: the numbers haven't moved. Honestly, that’s because the New York Stock Exchange and the Nasdaq are buttoned up tight for the weekend. We're currently in a holding pattern after a week that felt like a tug-of-war between old-school value and the tech titans we've all grown to love (or obsess over).
To understand how did the s&p do today, we actually have to look at how it "did" when the closing bell rang on Friday, January 16. The S&P 500 finished that session at 6,940.01. That was a tiny, almost imperceptible drop of 0.06%—basically $4.46 in index points. It’s the kind of day that makes day traders yawn but gives long-term investors plenty to chew on because of what’s happening beneath the surface.
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The Great Rotation: Why Your Tech Stocks Felt Different
For the last few years, everyone’s been talking about the "Magnificent Seven." But lately, that group has been looking a little less magnificent. This past week, while the broader S&P stayed relatively flat, Big Tech actually took a bit of a bruising.
Apple and Meta both slid about 6% so far this January. Microsoft isn't doing much better, down nearly 5%. It’s kinda wild to see the heavy hitters stumbling while the index itself stays afloat. You’ve probably noticed that your diversified funds are doing okay even if your individual tech holdings are bleeding red. That’s because of a massive "rotation."
Investors are literally taking their winnings from AI chips and software and dumping them into "boring" stuff. We're talking about consumer staples—the companies that make your toothpaste and cereal—and real estate. Consumer staples as a sector jumped 3.7% just this past week. It’s a classic defensive move. People are worried about high valuations, so they're hiding out in companies that make things people have to buy no matter what the economy does.
A Quick Glance at the Friday Close Numbers
Since the market is closed today, these are the "frozen" numbers you'll see until the opening bell on Tuesday (remember, Monday is a holiday):
- S&P 500 Index: 6,940.01 (Down 0.06%)
- Daily High: 6,967.30
- Daily Low: 6,925.09
- Year-to-Date (2026): Up roughly 1.4%
Is This the "January Barometer" at Work?
There’s this old Wall Street saying: "As goes January, so goes the year."
Statistically, it’s not a perfect crystal ball, but it’s interesting. Historically, when the S&P 500 is up in January, the year ends in the green about 80% of the time. Right now, we’re up about 1.4% for 2026. If we can hold onto these gains through the end of the month, history suggests we might be looking at a fourth straight year of gains.
But don't get too comfortable. Market experts like Keith Lerner at Truist have pointed out that the "breadth" of the market—meaning how many different stocks are actually rising—is improving. That’s actually a healthy sign. When only five stocks are dragging the whole market up, it’s like a house built on stilts. When hundreds of stocks are participating, it’s a much more solid foundation.
Political Noise and the Fed Independence
You can't talk about how did the s&p do today without mentioning the political circus. There’s been a lot of "angst," as the analysts like to call it, regarding the Federal Reserve. Specifically, there are ongoing concerns about how much independence the Fed actually has left after recent attacks from various political corners and a Justice Department probe into Fed Chair Jerome Powell.
Traders are trying to figure out if the Fed will keep cutting rates or if they'll be forced to pivot. Right now, the 10-year Treasury yield is sitting around 4.19%. That’s high enough to make people nervous but low enough to keep the bull market breathing.
Then there's the international drama. Tensions in Venezuela and Iran are simmering, and there’s even been weird talk about Greenland—again. France is apparently nudging the EU to use trade weapons in response to some of the latest U.S. trade threats. It's a lot for the market to digest, which explains why we saw that 0.06% dip on Friday. It’s essentially the market holding its breath.
Earnings Season: The Mixed Bag
We are right in the thick of Q4 2025 earnings reports. So far, about 7% of S&P companies have reported. The good news? 79% of them beat their earnings estimates. The "sorta" bad news? The amount they’re beating by is smaller than usual.
Basically, companies are still making money, but they aren't smashing records like they used to. Analysts are projecting earnings growth of about 14.9% for the full year of 2026. That’s a pretty optimistic number considering we’re already trading at a price-to-earnings (P/E) ratio of 22.2x. For context, the 10-year average is closer to 18.8x. We are definitely in "expensive" territory.
What You Should Actually Do Now
Knowing how did the s&p do today is only useful if you do something with the information. Since the market is closed today and will remain closed tomorrow for Martin Luther King Jr. Day, you have a rare moment of peace to look at your strategy without the ticker tape distracting you.
- Check your weightings. If you haven't looked in six months, your tech stocks might still be a huge chunk of your pie. With the current rotation into staples and value, it might be time to rebalance.
- Watch the 7,000 mark. We are incredibly close to a massive psychological level. The S&P hit a high of 6,986.33 earlier this month. Breaking 7,000 would be a huge headline-maker and could trigger a new wave of FOMO buying.
- Don't panic about the "Big Tech" dip. Apple and Meta dropping 6% in a month feels bad, but remember they grew like weeds for three years. A little "froth" coming off the top is normal, not necessarily a crash.
Next Steps for the Week Ahead
Since markets reopen Tuesday, January 20, keep an eye on the upcoming PCE (Personal Consumption Expenditures) data. That's the Fed's favorite inflation metric. If it comes in "hot," expect the S&P to test that 6,900 support level pretty quickly. If it's "cool," we might just see that run toward 7,000.
Review your stop-loss orders today. With the "Black Monday" rumors floating around some of the darker corners of the internet (mostly just bears being bears), having a plan for a 2-3% dip will help you sleep better when the opening bell finally rings.