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On January 27, 2026, the main American indices evolved in a contrasting manner: the S&P 500 rose and reached a new high, and the Nasdaq strengthened thanks to the momentum of technology stocks. On the other hand, the Dow fell sharply due to a plunge in health insurance stocks such as UnitedHealth, which lost nearly 20% after disappointing results and a more cautious outlook. These differences reflect continued volatility fuelled by the quarterly results of major companies and expectations about monetary policy in the coming days.
The rise of the S&P 500 to a record shows that investors continue to value promising sectors such as technology and AI. However, the withdrawal of the Dow, affected by the weakness of defensive stocks, indicates that not all segments of the market share this same optimism. This disparity reflects structural uncertainty in growth expectations and in the behavior of capital, which directly influences the cost of external financing and risk appetite.
In a context where some sectors are performing while others are undergoing corrections, entrepreneurs must incorporate these signals into their financial projections. Venture capital cycles remain selective, preferring companies that can demonstrate robust growth in the face of macroeconomic uncertainty. Valuations and the availability of funds can be more volatile, encouraging more rigorous capital raising planning and more strategic communication with investors.
For startup and SME managers, this trading session takes the form of a signal rather than a market alarm. It highlights the need for prudent cost management, the forecasting of credit conditions, and the structuring of cash projections that incorporate alternative scenarios. A medium-term vision is becoming essential to navigate an environment where market sentiment can fluctuate rapidly based on economic and financial news.
This week highlights the importance of monitoring not only raw stock market figures, but also underlying factors such as corporate earnings, public policy proposals (particularly health and taxation), and monetary policy decisions. The current uncertainty is not a sign of systemic collapse, but a warning for entrepreneurs about the importance of integrating macroeconomic indicators into their growth and financing strategies.
