Markets Weekly January 10, 2026

Summary

Joseph Wang reviews the first full week of 2026, noting new S&P 500 highs alongside a rotation out of big tech into miners and materials. He analyzes labor-market data that showed low hiring and a falling unemployment rate, leading markets to price out a January Fed cut. The video also examines White House policy moves on housing, Fannie/Freddie MBS purchases, credit-card rate caps, and Venezuela oil.

• S&P 500 hit new all-time highs while NASDAQ lagged; leadership rotated toward miners and materials.
• Labor data showed sluggish hiring but a lower unemployment rate, pricing out a January Fed rate cut.
• The White House proposed banning institutional investors from buying single-family homes, which Wang views as low-impact politics.
• Fannie Mae and Freddie Mac were directed to buy $200 billion in mortgage bonds, lowering MBS yields and mortgage rates.
• A proposed 10% credit-card rate cap is seen as harmful to credit availability and credit-card-heavy financials.
• Venezuela oil output could rise from 750 kbd relatively quickly, though a 3 million bpd target would take major investment.
• Wang expects more unconventional policy and a new Fed chair announcement in January.