The major averages closed modestly in the red as the 2026 move so far has been to rotate into small and mid-cap stocks as geopolitical concerns persist. The Dow Jones Industrial Average fell 83 points to 49,359. The S&P 500 fell 4 points to 6940 while the Nasdaq fell 14 points to 23,515. For the week, the S&P 500 declined 0.4%, the 30-stock Dow dropped 0.3% while the Nasdaq dropped 0.7%. The real winner so far this year has been the Russell 2000, now up 8% on the year.

The three major averages sold off today after President Trump delivered remarks in the White House saying he’d rather have National Economic Council Director Kevin Hassett stay in his current role and that he might not be chosen to become the next Fed chair. Interest rates rose on the day, partly on this news. The10-year Treasury gained more than 6 basis points to 4.22%. The yield on the 2-year Treasury advanced 3 basis points to 3.59%. The 30-year Treasury yield rose 5 basis points to 4.83%.

Tech has lagged so far in 2026 led by software and the large cap techs. In the chip space, Micron continues to shine as they broke ground today in Clay NY for a new fab manufacturing location. Micron has tripled in the last year. Broadcom, AMD and Texas Instruments were higher as well while Nvidia was lower. Many of the large cap techs were lower as well.

In the commodity space, oil was quiet, gold was down, silver was down 2% while the crypto currencies were modestly higher.

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