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DeepCap Weekly Wrap
The Week at a Glance
| 🎯 | Theme: Market uncertainty persists as S&P 500 faces back-to-back weekly losses amid global tensions. |
| 📊 | Risk Mood: Cautious (VIX 16.09) |
| 💡 | Key Takeaway: Continued volatility suggests investors should brace for further market fluctuations ahead. |
| 🔥 | DeepCap Focus: [Premium] See DeepList Weekly Performance → |
Top 5 Headlines That Shaped the Week
-
S&P 500 Posts Its First Two-Week Losses Since June: Markets Wrap
The S&P 500’s consecutive losses reflect broader market uncertainty amid economic concerns. -
ECB in no hurry to change rates, comfortable with market bets, accounts show
The ECB’s stance on rates influenced European markets, contributing to mixed performance across indices. -
U.S. economy grew 4.4% in the third quarter, GDP shows. It showed little sign of slowing.
Strong GDP growth data supported market sentiment, despite ongoing concerns about inflation and interest rates. -
Geopolitical and tariff risk back with a bang for markets
Renewed geopolitical tensions and tariff risks impacted market stability, affecting investor sentiment. -
Yen spikes with intervention in focus; oil rallies on Iran fears
Currency fluctuations and rising oil prices influenced global market dynamics, impacting various asset classes.
The Week in Review
The Big Picture
This week was defined by macro uncertainty rather than a single market swing—policy signals and geopolitics kept price action fragmented. U.S. and German 10-year yields settled around 4.23% and 2.91% respectively (weekly moves of 1.2% and 2.46%), VIX remained subdued at 16.09 (up 1.45% w/w), and EUR/USD held at 1.18. The net message: higher-for-longer rate pricing and regional central-bank caution supported bond market composure even as headline risks—currency intervention talk around the yen and oil supply fears tied to Iran—lifted commodity volatility.
Cross-asset, that mix produced clear divergences. Equities showed selective strength: cyclicals and miners posted notable gains while some tech and crypto-exposed names lagged, reflecting earnings- and momentum-driven rotations. FX stayed anchored around familiar levels, but policy moves from the BOJ and elevated Euribor (3M at 2.03) kept interest-rate differentials squarely in play for exporters and energy-linked sectors.
US Markets
The S&P 500 fell 0.35%, the Nasdaq was essentially flat at -0.06%, and the Dow dropped 0.53%. The week featured sector dispersion more than a broad sell-off: Advanced Micro Devices jumped double-digits (+12.01%) while names tied to quantum computing, real-estate trading platforms and crypto-mining registered some of the largest weekly declines. Market drivers were a mix of Fed-focused positioning, a heavy slate of earnings that produced idiosyncratic moves, and incoming economic data that left rate expectations intact rather than prompting a reassessment.
EU Markets
Europe finished mixed: STOXX 600 +0.21%, DAX -0.23%, FTSE 100 -0.51%. The region diverged modestly from the U.S., with a slightly firmer pan-European index despite German weakness and U.K. underperformance. Regional dynamics—ECB-speak keeping short-term rates elevated, energy-risk premiums after Middle East tensions, and the BOJ’s hawkish tilt influencing currency-sensitive exporters—drove the split. Elevated German yields and steady Euribor underscored policy-driven strain on fixed-income-sensitive sectors.
5-Day Market Performance
🇺🇸 US Markets
-
S&P 500
-0.35% -
Nasdaq
-0.06% -
Dow Jones
-0.53%
🇪🇺 EU Markets
-
STOXX 600
+0.21% -
DAX
-0.23% -
FTSE 100
-0.51%
Weekly Market Movers
📈 Week’s Top Gainers
- ImmunityBio, Inc. — +16.85%
- Critical Metals Corp. — +16.83%
- B2Gold Corp — +15.5%
- Advanced Micro Devices, Inc. — +12.01%
- Banco Bradesco Sa — +11.9%
- Nu Holdings Ltd. — +8.67%
- Redwire Corporation — +6.92%
- Plug Power, Inc. — +5.93%
📉 Week’s Top Losers
- D-Wave Quantum Inc. — -11.1%
- Opendoor Technologies Inc — -9.9%
- MARA Holdings, Inc. — -7.57%
- Cipher Mining Inc. — -6.54%
- BigBear.ai, Inc. — -4.9%
- American Airlines Group, Inc. — -4.55%
- Intel Corporation — -4.02%
- Huntington Bancshares Incorpora — -3.72%
Macro Dashboard
| Indicator | Level | Δ d/d | Δ w/w | 52W Range | Signal |
|---|---|---|---|---|---|
| VIX | 16.09 | +2.88% | +1.45% | 14.49–20.09 | 📉 Subdued |
| EUR/USD | 1.18 | 0.0% | — | — | Neutral |
| EURIBOR 3M | 2.03% | 0.0% | 0.0% | 2.02–2.03 | 📈 Sticky |
| US 10Y | 4.23% | -0.47% | +1.2% | 4.14–4.3 | Neutral |
| DE 10Y | 2.91% | +0.69% | +2.46% | 2.81–2.91 | 📈 Bid |
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⚠️ Weekend Watch
Key developments to monitor before markets reopen:
- Watch for potential tensions in the South China Sea; any escalation could impact global markets.
- Key Asian markets open with focus on BOJ’s hawkish signals; monitor yen movements closely.
- Notable earnings pre-announcements expected from major tech firms; watch for guidance on future outlook.
- Fed officials scheduled to speak this weekend; market reactions may hinge on their comments.
- Options expiry on Friday may lead to increased volatility; pay attention to positioning ahead of Monday.
📰 This Week’s Headlines (6 themes)
Rates, Central Banks & Mortgages
Central-bank decisions, yield moves and political pressure on rates are driving market positioning and FX action.
- BOJ signals more hikes in hawkish tilt, warns of action against yield spike — Reuters
- Bank of Canada to hold rates steady in 2026; trade seen as main risk to outlook: Reuters poll — Reuters
- Yen spikes with intervention in focus; oil rallies on Iran fears — Reuters
- Treasury yields are little changed as investors weigh the state of the U.S. economy — CNBC
- Low Rates Sound Great. But a Trump Fed Could Cause a Painful ‘Sugar High.’ — The New York Times
- Trump wants lower interest rates, but the bond market won’t cooperate — Axios
Rates, Central Banks & Mortgages
Central-bank decisions, rate-path signals and FX volatility driven by monetary policy expectations across major and emerging markets.
- VIEW BOJ keeps rates steady as expected, ups growth and inflation forecasts — Reuters
- Brazil central bank to start cutting rates in March to boost weak economy — Reuters
- Yen sees two sudden spikes as rate check speculation swirls — Reuters
- ECB in no hurry to change rates, comfortable with market bets, accounts show — Reuters
Trade & Diplomacy
Geopolitical moves and policy signals that could reshape trade relationships and influence markets.
Trade & Diplomacy
Tariff actions, geopolitical frictions and sanction-related moves that are reshaping trade flows and market risk.
- Trump’s tariffs do bite — When he actually imposes them — Bloomberg
- Dozens of sanctioned Russian tankers navigate Channel despite UK vow of ‘assertive’ action’ — BBC News
- Geopolitical and tariff risk back with a bang for markets — Reuters
Macro: Labor, Consumers & Growth
Broader economic trends and country-level outlooks affecting growth, consumer spending and sovereign credit views.
- US banks need to cut their credit card rates — Financial Times
- The rich are powering spending, with the U.S. economy in a danger zone — Axios
- S&P revises Congo’s outlook to ‘positive’ as reforms, mining strength boost economy — Reuters
- The ascent of India’s economy — The Economist
Other Market News
Additional headlines across various market themes.
- Economy shows signs of cooling, S&P finds. Tariffs still weigh on growth and hiring. — MarketWatch
- Consumer spending pushes US economy up 4.4% in third quarter, fastest in two years — AP News
- China Wins as Trump Cedes Leadership of the Global Economy — The New York Times
- Exclusive: Seeking to boost UK economy, finance minister Reeves to accompany Starmer on China visit — Reuters
- Stock Market News for Jan. 23, 2026: Dow Drops; Intel Stock Slides — The Wall Street Journal
- FTSE 100 Outperforms Europe as Turbulent Week Ends — Bloomberg
- S&P 500 Posts Its First Two-Week Losses Since June: Markets Wrap — Bloomberg
- S&P 500 ends Friday little changed, but posts second straight losing week amid wild trading — CNBC
- Markets Passed a TACO Test. Another Kind of Stress Test Is Coming. — Barron’s
- Asia stocks rebound after Trump walks back on Europe tariff threats — CNBC
Social Week-in-Review
What the community was discussing this week:
- Daily Discussion Thread for January 23, 2026 — reddit.com/r/WallStreetBets
- The cover of Der Spiegel — reddit.com/r/Europe
- “Danish soldiers were ordered to prepare for battle in Greenland – also asked Sweden for help” — reddit.com/r/europe
- Ken Griffin says America was sent an ‘explicit warning’ from the bond market, and it’s time to get the national debt in order — reddit.com/r/Economics
- Russian Court Demands $29 Million from Ukrainian Navy Officer for Sinking of Moskva Missile Cruiser — reddit.com/r/europe
- Biggest Dutch pension fund – for civil servants and teachers – reduces US exposure by 1/3rd. Selling €10 billion worth of US treasuries between March and September — reddit.com/r/Europe
- Weekend Discussion Thread for the Weekend of January 23, 2026 — reddit.com/r/WallStreetBets
- U.K.’s Keir Starmer and Prince Harry condemn US President’s NATO front line remarks — reddit.com/r/europe