Markets are closed today. It is Sunday, January 18, 2026, and the frantic flashing of green and red tickers has paused for the weekend. But honestly, if you're asking "was the market up today" because you're trying to gauge the temperature of your 401(k), the answer from Friday’s close is a bit of a mixed bag. It wasn't exactly a victory lap for the bulls.
Friday was a slog. The major indexes—the S&P 500, the Dow, and the Nasdaq—all limped across the finish line with slight losses. We’re talking fractions of a percent here, but in a market that’s been hovering near record highs, those fractions feel heavy. The S&P 500 dipped about 0.06% to settle at 6940.01. The Dow Jones Industrial Average fell 0.17%, closing at 49359.33. Even the tech-heavy Nasdaq, which usually has some spring in its step, eased back 0.06%.
It’s a weird time. You've got this incredible underlying momentum from a bull market that’s been charging since April 2025, yet this week felt like everyone was holding their breath. Why? Because the vibes are shifting.
Was the Market Up Today? Not Exactly, and Here is Why
The headline numbers from Friday don't tell the whole story. While the big indexes were flat or down, small-cap stocks were actually doing great. They’ve been outperforming the giants lately. For years, we’ve been obsessed with the "Magnificent Seven"—the Nvidia and Microsoft types—but investors are finally looking elsewhere.
This rotation is basically the theme of January 2026. Money is moving out of overextended tech and into boring stuff. You know, consumer staples and real estate. In fact, consumer staples surged 3.7% this past week. People are buying soup and soap companies again. It’s a defensive move, sure, but it’s also a sign that the rally is broadening out.
The drama isn't just about what's being bought; it's about who's talking.
Treasury yields hit a four-month high on Friday, touching 4.23%. That happened because of a lot of chatter regarding the Federal Reserve's independence. There's a lot of noise coming out of Washington right now. President Trump recently hinted that Kevin Hassett might not be the pick to replace Jerome Powell in May, which sent bond traders into a tailspin. Uncertainty is the market's least favorite food, and right now, the menu is full of it.
The Greenland Factor and the Monday Outlook
If you're looking for a reason to be nervous about tomorrow (or Tuesday, since U.S. markets are closed for the Martin Luther King Jr. holiday), look toward Europe. This morning, Sunday, the news cycle shifted toward fresh tariff threats. President Trump has reportedly threatened several European allies with 25% tariffs unless they support his efforts regarding Greenland.
Weekend markets in London and "Weekend Wall Street" proxies are already pointing lower. The FTSE 100 is bracing for a 0.9% drop. Gold is inching toward record highs, currently trading around $4,625 an ounce. When people get scared, they buy shiny yellow metal.
- S&P 500: Finished Friday at 6940.01 (down 0.06%)
- Nasdaq: Finished Friday at 23515.39 (down 0.06%)
- Dow Jones: Finished Friday at 49359.33 (down 0.17%)
- Small Caps: Up over 1.5% for the week, showing a rare bright spot.
It is worth noting that we are in the middle of earnings season. Banks have been reporting, and they've been surprisingly solid. Goldman Sachs smashed expectations with earnings of $14.01 per share. PNC Financial saw profits jump 25%. If the economy was truly crumbling, the banks wouldn't be posting these kinds of numbers.
Why the "Magnificent Seven" Are Feeling Human Again
For the first time in what feels like forever, the tech giants are dragging their feet. Apple and Meta have both dropped about 6% so far this January. Microsoft is down nearly 5%. It’s not that these companies are failing; it’s that their valuations have become so astronomical that even a slight cooling in AI hype feels like a cold shower.
The "Magnificent Seven" ETF is on pace for its third straight month of losses. That hasn't happened since 2023. This is why when you ask "was the market up today," you might see a "no" for the S&P 500, even if half the stocks in your portfolio actually went up. The weight of those few tech giants is so massive that they can pull the whole index down even when the rest of the market is having a party.
The broadening of this rally is actually a healthy sign. A market that only goes up because of seven companies is a fragile one. A market where small caps, banks, and consumer goods are all participating is much more durable.
What to Watch When the Bell Rings Tuesday
Since tomorrow is a holiday, you have an extra day to process the madness. When the market reopens on Tuesday, all eyes will be on Davos. President Trump is expected to speak at the World Economic Forum on Wednesday, specifically targeting housing market reforms.
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We also have a massive slate of earnings coming up. 3M, Johnson & Johnson, and Procter & Gamble will give us a better look at how the American consumer is actually holding up against inflation. Then there’s Netflix and Intel. Those will be the real tests for whether the tech sector can find its footing again.
Honestly, the "was the market up today" question is going to get a lot more complicated this week. Between tariff threats in Europe, the Fed transition drama, and the shift away from Big Tech, volatility is back.
Actionable Steps for the Week Ahead
The market is in a "show me" phase. It’s not enough to just say "AI is the future" anymore; investors want to see the cash.
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- Check your sector weightings. If you are still 90% in tech, you’ve likely felt a sting this month. Consider if you're comfortable with that, or if it's time to look at the equal-weighted S&P 500 (RSP), which has been outperforming the standard index lately.
- Watch the 10-year Treasury yield. If it stays above 4.2%, growth stocks will continue to struggle. High rates are like gravity for tech valuations.
- Don't panic over the weekend headlines. Tariff threats are often used as negotiating leverage. The "Weekend Wall Street" price isn't always where the market actually opens on Tuesday morning.
- Keep an eye on small caps. The Russell 2000 is showing more life than it has in years. If the "broadening out" narrative continues, this is where the growth might be found.
The bull market that started in 2025 is still technically intact—the Nasdaq is up 54% since that run began—but every bull needs to rest. This week was just a reminder that the path to Dow 50,000 isn't a straight line.