Insights

Several industries, led by software, have sold off significantly year to date, as investors assess the impact of artificial intelligence on established business models. While some companies will face genuine pressure, the initial market response is often indiscriminate—pricing in disruption broadly before fully understanding the scope and timing of new innovations. Over time, the market will distinguish between structural losers and firms that successfully adapt and continue

Equities ended the week mostly lower as investors parsed through a heavy slate of fourth-quarter earnings data, economic reports, high valuations, and the Federal Reserve's decision to maintain interest rates at their current levels.

Last week was marked by volatility as investors moved cautiously ahead of this week's Federal Reserve meeting.