Weekend Update, January 5th, 2026
New Year, Same Thoughts
Index, Sector, and Asset Performance
The S&P 500 ended the week at 6,858 on Friday, up +0.2% on its first trading day of 2026 but down from last week’s close. The index had a price gain of +16% gain for 2025 and total return near +17.5%. Trading was closed on Thursday for New Year’s Day. S&P 500 fell -0.05% in December but still added +2.3% in Q4, marking its third consecutive quarter of gains.
Consumer discretionary sector had the biggest percentage loss last week, falling -3.2%, followed by a -1.5% drop in technology and a -1.3% decline in financials. Most of those sectors led the index gains in 2025. Consumer staples, communication services, real estate, health care, and materials also dropped in a low volume week.
AppLovin (APP) had the largest percentage drop, sliding -13%, followed by an -11% loss in shares of Palantir Technologies (PLTR).
Three sectors posted gains with energy, up +3.3%, followed by a +0.9% increase in utilities and a +0.5% rise in industrials. Occidental Petroleum (OXY) was among the best performers, up +6.4%.
The big global news over the weekend was President Donald Trump announcing the U.S. “successfully carried out a large-scale strike against Venezuela” early Saturday and that Venezuelan President Nicolas Maduro and his wife were “captured and flown out of the Country.”
Economic Indicators and Earnings Commentary
Delayed government data is now showing up. ISM Manufacturing PMI is due, as is ADP Employment.
The earnings calendar this week is nonexistent.
Commodities and Currencies
Oil bounced on Venezuela geopolitical concerns.
Copper, gold, silver, and other industrial metals have hit new ATHs and are up materially this AM on the Venezuelan news. Precious metals like gold and silver continue their strong performance with gold back over $4,400. Crypto assets and Bitcoin have been volatile since pulling back from their mid-summer $125,000 ATH.
The US dollar still sits near 98.
OHFG Stock Talk
2026 Market Outlook Part 3: Dovish Federal Reserve is Bullish, BUT!
Past performance is no guarantee of future results. Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. The preceding discussion is for informational purposes only. Investing involves risk and no reference to any security listed above should be considered a buy or sell recommendation. Advisory services are provided through Oak Harvest Investment Services, LLC, a registered investment adviser.
