The main U.S. equity indexes were up and down to start a holiday-shortened week on Wall Street, but all three managed to post modest gains. Uncertainty about artificial intelligence (AI) has replaced President Donald Trump's tariff policy as the primary variable for price action so far in 2026, with markets struggling to make sense of this revolution in terms of return on investment.
The Cboe Volatility Index (VIX) spiked to 22.96 from 21.20 on Friday but settled at 20.24. The market's "fear index" is up from 14.95 at the end of 2025, and sits just above the high side of its "normal" range of 12 to 20.
