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U.S. markets ended the week with a rotation rather than a broad break: the Dow outperformed while large-cap tech lagged, and volatility stayed elevated versus January’s calmer regime.  Policy signaling remained a primary driver—Fed officials reinforced a data-dependent posture with divergent emphasis on risks, keeping rates-sensitive assets headline-reactive.

U.S. risk assets finished the week mixed and headline-driven: the S&P 500 was modestly higher on the week, while the Nasdaq and Dow were slightly lower and small caps lagged.  The most important market story was the repricing of policy uncertainty after President Donald Trump nominated former Fed governor Kevin Warsh to succeed Jerome Powell as Fed chair (term ending in May 2026).

Earnings intensity increases. Central bank communications and policy expectations remain a sensitivity point. Treasury auctions and funding conditions can matter if volatility rises.