The View from 5th Avenue – 29 January 2026

It felt like markets could have taken a page from the school‑closing playbook and opted for a two‑hour delay today... A cold snap hit US equities early as Microsoft‑led megacap tech earnings pushed indices to mid‑morning lows before conditions thawed and stocks drifted impressively higher throughout the day and into the close. Still, with the ROI‑on‑AI‑capex debate heating up, sentiment froze over just enough to stall the NDX’s latest attempt at a 52‑week breakout, leaving it lagging the broade…

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