U.S. stocks staged a confident rebound on Wednesday, January 21, 2026, as investors cheered President Donald Trump’s decision to shelve threatened tariffs tied to his Greenland ambitions, turning a geopolitical soap opera into a tradable relief rally that lifted risk assets across the board. The market treated the newly unveiled “framework” with NATO over Greenland’s future as sufficiently vague to be ignored on the spreadsheet but clear enough to justify buying the dip.
Major Indexes
The S&P 500 climbed roughly 1.16%, recouping a sizable chunk of Tuesday’s sharp losses as traders reversed defensive positioning and rotated back into large‑cap growth and AI bellwethers. The benchmark’s bounce followed one of its steepest single‑day drops in months, underscoring how quickly sentiment can swing when tariff threats morph into handshake agreements in Davos.
The Dow Jones Industrial Average advanced about 1.21%, helped by multinational industrials and financials that had been in the direct line of fire from prospective European tariffs. With the 10% levies on eight EU countries now on ice, investors resumed the familiar exercise of paying up for earnings visibility while hoping the next presidential post does not rewrite their models overnight.
The tech‑heavy Nasdaq Composite gained around 1.18%, rising alongside the day’s rebound as AI‑linked and semiconductor names snapped back from Tuesday’s rout. Volatility, however, remained elevated, a reminder that richly valued growth stocks are trading inside a policy laboratory where a single comment about minerals under Greenland’s ice sheet can move trillions in market cap.
Small‑caps, represented by the Russell 2000, also finished 2% higher, extending a year‑to‑date stretch in which smaller domestically focused companies have outpaced their mega‑cap peers. Enthusiasm for mid‑ and small‑cap names trading at a historic discount to large caps has persisted, suggesting investors are still willing to venture down the cap spectrum when macro headlines break their way.
Macroeconomic Reports
The U.S. economic calendar was relatively light, featuring housing and construction figures that painted a mixed picture. Data showed pending home sales sliding sharply in December even as construction spending and related activity in prior months held up, underscoring how quickly rate‑sensitive demand can cool once borrowing costs reset higher.
More broadly, major inflation and labor indicators for January had already been released earlier in the month, leaving Wednesday’s session to trade mostly on politics and positioning rather than fresh macro surprises. With no new shocks from growth or prices, markets used the lull to reprice risk around the evolving tariff narrative and upcoming Fed communication.
Company Highlights
Coverage and flows continued to circle around the AI and semiconductor complex that includes Nvidia (NVDA, $183.32, +2.95%), Apple (AAPL, $247.65, +.39%), Tesla (TSLA, $431.44, +2.91%), Micron (MU, $389.11, +6.61%), Intel (INTC, %54.25, +11.72%) Broadcom, Meta and Palantir, even when individual company headlines were sparse. Recent research spotlighted Nvidia and select mega‑cap tech platforms such as Apple and Meta as candidates to join or extend their stay in the two‑trillion‑dollar valuation club on the strength of AI infrastructure spending.
Eli Lilly (LLY, $1,078.52, +3.58%), TSMC, Micron, Tesla, Broadcom, Nokia (NOK, $6.44, +.47%), McDonald’s (MCD, $305.69, +.94%), Rio Tinto (RIO, $88.84, +3.69%), Oracle, Oklo, Opendoor (OPEN, $6.48, +1.41%) and others largely traded as part of broader sector moves rather than on company‑specific catalysts in Wednesday’s session. The AI and chip cohort remained central to options and momentum screens, while more defensive stalwarts such as McDonald’s and Oracle served as ballast for portfolios still wary of sudden shifts in tariff and rate expectations.
Deals, IPOs and Corporate Actions
In primary markets, the IPO spigot stayed open, with Nasdaq calendars showing fresh listings such as Santacruz Silver Mining and X3 Acquisition Corp. units in and around the January 21 window, keeping deal activity alive despite recent turbulence. Looking forward, larger aspirants including BitGo Holdings and Riku Dining Group remain in the queue for NYSE and Nasdaq debuts, signaling that bankers and issuers still see investor appetite for new paper in 2026.
Merger and buyout headlines were relatively muted, with no blockbuster deals announced to rival the day’s geopolitical drama. Corporate acquirers appear content to let valuations and borrowing costs settle around the Fed’s next move before pushing sizeable transactions into a tape that only yesterday was reminding everyone what a genuine risk‑off day feels like.
Tariffs, Greenland and Washington
The tone shift began in Davos, where President Trump announced that he had reached a “framework of a future deal” on Greenland and the Arctic region with NATO Secretary General Mark Rutte. As part of that framework, the White House said it will suspend previously announced 10% tariffs on eight European countries that had opposed U.S. ambitions over the Danish territory, defusing a trade confrontation that had rattled markets and Europe’s political class.
Reports indicated the framework contemplates U.S. participation in Greenland’s mineral rights and a proposed “Golden Dome” missile defense initiative, though details remain sparse and Denmark maintains that Greenland is not for sale. European officials, who had warned about military escalation and frozen trade negotiations in response to Washington’s earlier rhetoric, greeted the tariff reprieve cautiously, noting that NATO does not control Greenland and that sovereignty questions remain squarely in Copenhagen’s hands.
The tariff pause also eased pressure in Washington, where lawmakers had begun to weigh responses to the proposed levies amid lingering scars from the 43‑day government shutdown in 2025. While no near‑term shutdown threat dominated Wednesday’s tape, the episode reinforced that fiscal brinkmanship and trade policy can intersect quickly, especially when global investors are a captive audience in Davos.
Rates, Yield Curve and the Fed
Treasury yields drifted lower as the Greenland‑tariff de‑escalation reduced immediate safe‑haven demand without fully unwinding it. Benchmark 10‑year yields traded in the low‑4% to mid‑4% area, down from recent peaks, while shorter‑dated paper such as the 1‑year hovered around the mid‑3% range, leaving the curve modestly positive across key maturities.
Attention now turns to the Federal Open Market Committee, which is scheduled to meet January 27–28, with markets overwhelmingly expecting policymakers to hold the federal‑funds rate steady near the 3.50%–3.75% band. After three cuts in late 2025 and softer inflation readings, futures imply a gradual easing path rather than aggressive action, meaning any surprise in Chair Jerome Powell’s messaging on growth, tariffs or financial conditions could matter more than the rate decision itself.
Commodities and Crypto
Gold remained in the spotlight, hovering near record territory after a surge that took the metal above roughly 4,837.30 dollars an ounce as investors sought insurance against both policy volatility and longer‑term inflation risk. Silver pulled back to $93.12/oz.
Oil prices inched higher to $60.66/bbl, supported by a mix of supply concerns and steady demand that kept benchmark crude grinding toward recent resistance levels. Bitcoin also moved above the $90k range again.
Vista Partners Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.47595), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, announced (Dec. 10) that it had priced an underwritten public offering (the “offering”) of 12,173,000 shares of its common stock and accompanying warrants to purchase 6,086,500 shares of its common stock. Each two shares of common stock are being offered and sold together with one accompanying warrant at a combined offering at a price of $0.77, yielding an effective price of $0.38 per share and $0.01 per warrant. The warrants will have an exercise price of $0.45 per share, are exercisable immediately upon issuance and will expire five years following the date of issuance. In connection with the offering, Modular Medical has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price, less underwriting discounts and commissions. The over-allotment option may be elected with respect to, at the underwriter’s sole discretion, shares and warrants together, solely shares, solely warrants, or any combination thereof. Newbridge Securities Corporation is acting as the sole bookrunner for the offering. Assuming no exercise of the over-allotment option, the gross proceeds to the Company from the offering are expected to be approximately $4.68 million, before deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures.
On Nov. 17, Modular announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion.
On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $9.03, +.11%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated,“These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $2.98, +6.81%), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer.
GeoVax is heading into the 44th Annual J.P. Morgan Healthcare Conference week (“JPM2026”) in San Francisco, CA Jan. 12-15 with the kind of narrative biotech investors typically like to hear: a differentiated platform, large funded trials lining up, and multiple shots on goal in both infectious disease and oncology. The company is leaning into its MVA platform as a potential franchise engine rather than a one‑product science experiment. Specifically, investors can meet David Dodd, Chairman & CEO of GeoVax, during his presentation at the Hilton Union Square, 333 O’Farrell Street, Yosemite A (Ballroom Level), San Francisco, CA on January 13, 2026, 2:30 pm PST.
GeoVax announced (Dec. 19) that it has entered into definitive securities purchase agreements with several institutional and individual investors for the purchase and sale of approximately 13.2 million units, each comprised of one share of the Company’s common stock and warrants, as described below, to purchase shares of the Company’s common stock, at a price of $0.245 per unit in a public offering. The Company will issue warrants to purchase up to approximately 26.5 million shares of common stock. The warrants will have an exercise price of $0.245 per share, will be exercisable immediately following the date of issuance and will have a term of five years following the date of issuance. Roth Capital Partners is acting as the exclusive placement agent for the offering. The gross proceeds to the Company from this offering are expected to be approximately $3.2 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes. The closing of the offering is expected to occur on or about December 22, 2025, subject to the satisfaction of customary closing conditions.
GeoVax announced (Dec. 18) the publication of a peer-reviewed article in Frontiers in Immunology titled: “Multi-antigen MVA-vectored SARS-CoV-2 vaccine, GEO-CM04S1, induces cross-protective immune responses to ancestral and Omicron variants.” The study provides definitive preclinical evidence that GeoVax’s multi-antigen COVID-19 vaccine candidate, GEO-CM04S1, delivers full cross-variant protection, driven predominantly by robust T-cell responses, even in the absence of neutralizing antibodies. The findings reinforce the design philosophy behind GeoVax’s MVA-based, multi-antigen platform and provide mechanistic insight that is increasingly relevant for immunocompromised individuals, who often fail to respond optimally to the first-generation COVID-19 vaccines.
GeoVax announced (Dec. 17) the successful completion of fill-finish for the initial clinical batch of GEO-MVA, its next-generation Mpox/smallpox vaccine. The product has now entered final release evaluation, the concluding quality-control and compliance process required before shipment for clinical use, positioning the Company for Phase 3 immunobridging trial start-up activities in Q1 2026. Fill-finish – the sterile, cGMP-regulated process of filling, sealing, and packaging vaccine vials – marks the last manufacturing step before a vaccine may enter clinical study supply channels. With fill-finish complete and GEO-MVA now undergoing final release evaluation, GeoVax has moved into the final pre-clinical-deployment phase of its EMA-aligned clinical program. In June 2025, the European Medicines Agency (EMA) Scientific Advice confirmed that a single Phase 3 immunobridging study demonstrating immune comparability to the approved MVA vaccine, Imvanex(R), would be sufficient to evaluate GEO-MVA’s efficacy. This provides a clear, accelerated regulatory path to licensure. This milestone coincides with increasing Mpox activity globally – including expanding Clade I outbreaks in Africa and emerging cases in the United States – exposing vulnerabilities associated with global dependence on a sole foreign MVA vaccine supplier. GEO-MVA is designed to expand supply, diversify sources, and strengthen biodefense infrastructure.
Volato Group, Inc. (NYSE American: SOAR, $.49) and M2i Global, Inc. (MTWO, $.05, +3.95%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, reaffirmed, on Tuesday, Jan. 20, their expectation to complete their targeted first-quarter 2026 closing timeline for the previously announced business combination, citing steady advancement through the SEC review process alongside continued progress in operational planning and integration readiness. Subject to the effectiveness of the registration statement on Form S-4, stockholder approvals, and other customary closing conditions, the companies continue to expect the merger to close in the first quarter of 2026. To align the transaction timeline with the current stage of the SEC review process, the companies have mutually agreed to extend the end date of the merger agreement through March 31, 2026. This extension reflects disciplined execution and provides additional runway to complete the remaining regulatory steps in an orderly manner, while maintaining transaction commitment and protecting stockholder interests. Amendment No. 1 to the Form S-4 was filed on Monday, January 12, 2026, to respond to SEC comments and advance the registration statement through the review process. The review timeline was affected in part by a temporary slowdown in SEC operations following the recent federal government shutdown. With the amendment now on file, the companies are focused on completing the remaining steps of the SEC review process.
On Jan. 9, M2i Global and Volato Group announced that they have entered into a strategic collaboration agreement with Australian company Titanium X to advance critical mineral development in the US. This partnership represents a significant move towards enhancing domestic refining capacity and strengthening the critical materials supply chain that underpins US industry and national security. Titanium X and M2i Global will work together on the financing, development and commercialisation of the former’s critical mineral assets. M2i Global will apply its global experience in delivering mineral projects to support these initiatives. The companies are also in talks to conclude an exclusive titanium concentrate supply agreement.
On Jan. 7, M2i Global, Inc. along with Volato Group, Inc. (“Volato”) (NYSE American: SOAR), a technology-driven company, announced a strategic collaboration agreement with Titanium X, marking a major step forward in advancing domestic refining capabilities and securing the critical materials supply chain essential to U.S. industry and national security.
Volato Group, Inc. today (Dec. 29) announced the appointment of Alan D. Gaines to its Board of Directors, effective immediately. Mr. Gaines will also serve as Chairman of the Audit Committee.
On Dec. 23, Volato Group, Inc. announced preliminary financial guidance for the fourth quarter and full year ending December 31, 2025, reflecting continued execution against its strategic and balance sheet objectives. For the fourth quarter of 2025, Volato expects to report revenue between $27 million and $28 million. For the full year 2025, the Company anticipates total revenue between $78 million and $79 million, with net income of $6 million to $8 million. These results reflect a year of meaningful progression aligning operational performance with Volato’s long-term growth initiatives and advancing its pending merger with M2i Global, Inc. (OTC: MTWO). During 2025, Volato also made substantial progress strengthening its balance sheet. As of September 30, 2025, the Company reduced total liabilities to $9.5 million, satisfying the debt reduction condition required under its pending merger agreement with M2i Global, Inc. (OTC: MTWO). Volato expects continued improvement in its capital structure as it advances toward a targeted first-quarter 2026 closing of the transaction. “Our 2025 results reflect a year of transformation and disciplined balance sheet execution,” said Mark Heinen, Chief Financial Officer of Volato. “We made significant progress reducing liabilities while sharpening our focus on scalable, technology-driven businesses that are designed to complement and strengthen the M2i Global platform over the long term.”
Serina Therapeutics (NYSE American: SER, $2.85), Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies. On Dec. 11, Serina announced the appointment of Joshua Thomas, Ph.D., as Vice President and Head of Chemistry. He will oversee internal and external chemistry efforts to optimize POZ-based candidates, supporting efficient translation from discovery through development.
On Dec. 10, Serina announced that it has submitted a complete response to the U.S. Food and Drug Administration’s (“FDA”) clinical hold letter for SER-252, the Company’s lead program for advanced Parkinson’s disease. As previously disclosed, the FDA placed the Company’s Investigational New Drug (“IND”) application for SER-252 on clinical hold pending additional information related to a commonly used formulation excipient. On November 25, 2025, the FDA issued a formal full clinical hold letter specifying the information required to permit initiation of the planned Phase 1b registrational study, SER-252-1b. The issues identified by the FDA do not relate to the apomorphine active drug substance, its mechanism of action, the use of the enFuse device (Enable Injections) or the broader 505(b)(2) NDA development pathway previously discussed with the Agency.
The InterGroup Corporation (NASDAQ: INTG, $29.36) announced (Jan. 6) that on December 29, 2025, it completed the sale of a non-core 12-unit apartment complex in Los Angeles County for a gross sales price of approximately $4,850,000. InterGroup expects to report a GAAP net gain on sale of approximately $3,509,000, which will be reflected in the Company’s Form 10‑Q for the quarter ended December 31, 2025. The transaction is expected to result in federal and state income tax liability, the amount of which will be determined based on the Company’s final tax position and applicable tax rules.
DoubleVerify Holdings Inc. (DV) closed at $10.52. DoubleVerify, which built its franchise on media verification and ad performance analytics, is now the first badged TikTok Marketing Partner focused specifically on attention measurement, tapping impression-level signals from the platform. Brands gain a granular view of how exposure and user interaction come together across TikTok formats, ad sets, creatives, and objectives, effectively treating every swipe as a tiny A/B test.
flyExclusive, Inc. (NYSE American: FLYX, $3.28, +1.55%), one of the nation’s largest private jet operators and a certified Part 145 Repair Station, today announced it has signed an authorized dealership agreement with Starlink, becoming a certified dealer and installer for Starlink’s high-speed, low-latency aviation connectivity system.
The Sources
- Reuters – “Wall Street jumps on Greenland framework deal”
https://www.reuters.com/business/us-stock-futures-steady-after-wall-street-rout-eyes-trump-davos-2026-01-21/[reuters] - CNBC – “Trump says he reached Greenland deal ‘framework’ with NATO, will not impose tariffs”
https://www.cnbc.com/2026/01/21/trump-tariffs-nato-greenland-davos.html[cnbc] - Yahoo Finance – “Stock market today: Dow surges 550 points, S&P 500, Nasdaq jump as Trump backs off Greenland tariff threats”
https://finance.yahoo.com/news/live/stock-market-today-dow-surges-550-points-sp-500-nasdaq-jump-as-trump-backs-off-greenland-tariffs-[finance.yahoo] - ABC News – “Trump stands down on NATO tariff threat, citing ‘framework’ for a Greenland deal”
https://abcnews.go.com/Politics/trump-stands-nato-tariff-threat-citing-framework-deal/story?id=129430043[abcnews.go] - The Hill – “Trump agrees to ‘framework’ deal on Greenland, retreats on European tariffs”
https://thehill.com/homenews/administration/5699533-trump-greenland-nato-tariffs-deal/[thehill] - Al Jazeera – “Trump nixes European tariff threats over Greenland after NATO chief talks”
https://www.aljazeera.com/news/2026/1/21/trump-nixes-european-tariff-threats-over-greenland-after-nato-chief-talks[aljazeera] - Reuters (analysis) – “Investor reaction as U.S. President Trump withdraws tariff threat, says Greenland deal framework reached”
https://www.reuters.com/business/finance/view-investor-reaction-us-president-trump-withdraws-tariff-threat-says-greenland-2026-01-21/[reuters] - Yahoo Finance – “Wall Street rebounds after Trump announces the framework for a deal on Greenland, calls off tariffs”
https://ca.finance.yahoo.com/news/us-futures-edge-higher-gold-045640262.html[ca.finance.yahoo] - New York Post (via Reuters) – “Dow surges 700 points amid Trump–Greenland framework, tariff threat called off”
https://nypost.com/2026/01/21/business/dow-surges-700-points-amid-trump-greenland-framework-tariff-threat-called-off/[nypost] - Wall Street Journal – “Stock Market Today: Dow Gains 200 Points After Trump Speech” (live coverage)
https://www.wsj.com/livecoverage/stock-market-today-fed-lisa-cook-trump-nvidia-01-21-2026[wsj]
