The major US stock exchanges closed with mixed results last week. The S&P 500 rose 0.34%, the Nasdaq fell 0.17%, and the Dow Jones fell 0.42%. The main reason for the decline recorded by the markets at the end of the week was the decision of President Donald Trump to nominate Kevin Warsh as the next chairman of the US Federal Reserve, which was perceived as a step towards stopping the sharp reductions in the refinancing rate in the future.

In the week ending January 28, global equity funds continued to record inflows for the third consecutive week, this time in the amount of $33.4 billion. Bond funds also remained in demand, attracting $18.0 billion. Gold and other precious metals funds attracted $2.25 billion, the largest weekly inflow since late last December. Money market funds recovered from a two-week run, registering $10.3 billion in inflows.

Gold and silver prices on Monday fell sharply, following a large sell-off last week. Gold fell about 1.8% to $4,776 an ounce, about $900 below its record high on January 29, while silver fell 1.1% to $83.73, about 33% below its recent high. Analysts attributed this sharp decline also to the possible appointment of Kevin Warsh as the new US Federal Reserve chairman, who is expected to tighten the Federal Reserve policy, strengthening the US dollar.

The S&P 500 index topped 7,000 for the first time last Friday, helped by optimism about artificial intelligence (AI) and generally optimistic expectations for the earnings of technology companies. The growth was led by technology stocks, which make up almost half of the index, especially Nvidia, Microsoft, and Alphabet. Analysts predict that the S&P 500’s earnings will grow by 15.5% in 2026, and the earnings of the technology sector alone will grow by 27%.

Apple published very optimistic financial figures and predicted an increase in first-quarter revenue, which was mainly due to strong demand for the iPhone and the company’s recovery in the Asian market. Sales in China rose by 38% due to strong demand for, and India also saw an increase in sales. Apple reported $143.8 billion in revenue for the quarter that ended on December 27, up 16% year-over-year. The company expects revenue to grow 13% to 16% next quarter.

Meta on Wednesday sharply increased its capital spending plans for 2026, saying it would focus on developing “superintelligence” in AI. The company plans to invest $115 billion to $135 billion this year, mostly in expanding its AI data centers, cloud infrastructure, and computing power. Investors have responded positively to this strategy. Meta shares rose about 10% in after-hours trading.

Tesla shares rose about 5% on Friday amid reports that SpaceX is in talks to merge with Elon Musk's other companies, AI startup xAI, and Tesla. Tesla investors have long favored the merger, hoping that bringing the various businesses under one roof will enable Musk to focus on the electric vehicle business, which is seeking to become a player in AI and robotics.

Among companies with a market capitalization of at least $10 billion, Sandisk Corporation, a manufacturer of data storage devices, posted the biggest gain last week. The company's shares rose 21.62% for the week to $576.25 per share. Deckers Outdoor Corporation, a manufacturer of footwear, clothing and sporting goods, followed with a 19.36% gain ($119.34 per share). This trio concluded Seagate Technology Holdings plc, a manufacturer of data storage devices and hard drives, with a 17.80% increase ($407.69 per share).

The top three of large-cap companies that recorded the biggest losses last week starts with Unity Software Inc., a developer of software platforms for creating games and interactive content, whose shares fell by 31.27% ($29.10 per share) in a week. Next is Hecla Mining Company, a silver and precious metals miner, with a 29.20% decrease ($22.52 per share). This top three concluded with Humana Inc., a health insurance provider, with a 26.75% decrease ($195.20 per share).

On Monday, 3 billion drams of government bonds were placed on Armenia’s stock market, and they will be redeemed on February 1, 2027. The public auction had four participants, and the bids submitted by them amounted to 18.4 billion drams. The weighted average price of the placed government bonds was 93.3 drams, and the yield was 7.08 percent.

The US producer prices rose 0.5% in December, their fastest pace in five months, beating market expectations. The rise was driven primarily by higher prices for services, especially in retail, hotels and airfares, while goods prices remained flat. The annual producer price index rose 3.0 percent.

The US Federal Reserve on Wednesday left its benchmark refinancing rate unchanged at a range of 3.50%-3.75%, saying the economy remains stable and risks to inflation and employment had receded. Federal Reserve chairman Jerome Powell said the current monetary policy stance was well-positioned and there was no rush to cut rates anytime soon.

Last November, the US trade deficit reached $56.8 billion, a 94.6% increase; the largest monthly increase since March 1992. This was due to a record increase in imports, especially computers and semiconductors, likely driven by a boom in investment in AI. But exports fell 3.6% to $292.1 billion.

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