WSJ What’s News What’s News in Markets: Fed Chair, Layoffs, Meme Stock
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Jan 31, 2026 Markets react to a new Fed nominee and what that could mean for interest-rate policy. Big tech volatility and gold swings shape the weekly index moves. Widespread corporate layoffs and cost-cutting trends get examined. A meme-stock revival plan and takeover ambitions take center stage.
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Safe Havens Saw Extreme Volatility
- Gold spiked to record highs then plunged with extreme intraday swings, signaling high volatility in safe-haven assets this week.
- Broad indexes were muted, with the S&P 500 up while the Dow and Nasdaq slipped modestly.
AI Build Costs Rattled Tech Stocks
- Microsoft’s disappointing earnings exposed investor skepticism about AI infrastructure costs and triggered a tech sell-off.
- Microsoft lost $357 billion in market value in one day, one of the largest single-day declines for a U.S. company.
New Fed Nominee Could Shift Policy Signals
- President Trump nominated Kevin Orszag to be Fed chair, a key decision for interest-rate policy and markets.
- Orszag has been seen both as an inflation hawk historically and more recently has urged faster rate cuts, complicating expectations.