This Week In Markets: Geopolitics, More Selective AI Investment, Steady Macro Backdrop

2026-01-24 02:00:00 ET

By Ryan J. Puplava, CMT, CTS, CES

Geopolitics, Tariffs, and the Return of Headline Risk

The defining catalyst for market volatility this week was the abrupt reintroduction of geopolitical risk through renewed U.S.–EU trade tensions. Markets opened the week with their worst session of the year after President Trump called for an additional 10% tariff on imports from eight NATO members opposing the U.S. acquisition of Greenland. The magnitude of the selloff was notable. On Tuesday, the S&P 500 fell 2.1%, the Nasdaq Composite dropped 2.4%, and the Dow Jones Industrial Average declined 1.8%. Both the S&P 500 and Nasdaq broke below their respective 50-day moving averages and briefly slipped into negative year-to-date territory....

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