On January 23, 2026, U.S. stock indexes fell, with the S&P 500 down by 0.23%, the Dow Jones down by 0.56%, and the Nasdaq down by 0.32%. Notably, Intel experienced a sharp decline, dropping over 12% after CEO Lip-Bu Tan provided a troubling forecast and reported ongoing manufacturing issues.
Meanwhile, the U.S. January S&P manufacturing PMI rose by 0.1 to 51.9, slightly below expectations of 52.0. Crude oil prices surged more than 3% to hit a one-week high amid reports of U.S. efforts to limit dollar supply for Iraqi oil sales, spurred by ongoing political pressures.
In earnings news, the Q4 earnings season is underway, with 81% of S&P 500 companies that have reported thus far exceeding expectations. Bloomberg Intelligence projects an 8.4% earnings growth for the quarter, excluding the largest tech firms, which suggests a 4.6% increase.
