Stocks retreated on Friday as Big Tech remained under pressure, with the Dow and Nasdaq shedding triple digits and marking a third-straight weekly loss. All three major indexes secured gains for January, however, with the Dow now on its longest monthly win streak since 2018 after scoring a ninth-straight gain. Meanwhile, the Cboe Volatility Index (VIX) climbed back above 17, marked a third-straight weekly pop, and closed out its best month since February 2025.

Investors welcomed President Trump’s nomination of Kevin Warsh to lead the Federal Reserve, taking it as a sign of continued Fed independence, with the U.S. dollar rallying as Treasury yields held firm. The U.S. government remained on track to begin a partialshutdown on Saturday, with the Senate still expected to vote on a funding deal today.

CRUDE NABS MASSIVE WEEKLY GAIN

Oil prices settled slightly lower on Friday, though tensions between the U.S. and Iran remained in focus. March-dated West Texas Intermediate (WTI) crude dropped 0.3% settle at $65.21 a barrel, but tacked on 6.8% for the week.

Gold prices fell after Trump's Fed chair pick eased independence concerns and boosted the U.S. dollar. February-dated gold futures shed 11.4% to $4,745.10 per ounce, below the $5,000 benchmark. For the week, the safe-haven yellow metal tumbled 6.7% lower.

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