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From the Desk - Economic Commentary

Brandon Casey, Member Strategies - 1/23/2026

U.S. stocks were mixed in Friday morning trading, with volatility persisting amid ongoing geopolitical concerns. The S&P 500 and Nasdaq traded higher, while the DJIA moved lower. Despite gains over the past two sessions, all three major indexes remain down for the week. If current levels hold, it would mark a second consecutive weekly decline for both the S&P 500 and the Nasdaq.

Turning to economic data, the flash January U.S. S&P Global Manufacturing PMI edged up to 51.9, reflecting a smaller‑than‑expected increase from the prior month. The Services PMI was unchanged on a month‑over‑month basis at 52.5, missing expectations of a small increase. The Composite PMI rose slightly to 52.8.

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