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Today's Market

Michael P. Reinking, CFA
Sr. Market Strategist

January 31, 2025 at 6:45 p.m. EST

Last week US equity markets extended to the upside with the S&P 500 hitting a new all-time high. Following President Trump’s inauguration there was a deluge of executive orders but there weren’t tariff announcements leading to a sigh of relief. The other driver of gains was the continuation of AI optimism after the announcement of the Stargate Project, a joint venture between OpenAI, Oracle, Softbank and MGX to invest $500B over the next four years building AI infrastructure in the US. This sent the AI complex higher with the NYSE FANG+ index up >4% last week while companies exposed to that infrastructure build out and increased power demand moved sharply higher. However, the enthusiasm related to these two topics has been called into question and led to some volatility this week.

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