Market and Economic Update - Earnings strength, shifting Fed expectations, and active commodities shaped a volatile but constructive past month

The Amplify Weight Loss Drug & Treatment ETF (THNR) seeks investments results that generally correspond to the performance of the VettaFi Weight Loss Drug & Treatment Index. THNR provides access to global companies involved in the pharmaceutical manufacturing of GLP-1 agonist or enablers of such businesses.

Audio Commentary by Tim Seymour

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Download PDF Equities began 2026 with a constructive but more complex advance, as markets absorbed a heavier mix of policy news, earnings, and geopolitical developments. The S&P 500 finished January higher despite intermittent volatility around the January Federal Open Market Committee meeting, where the Federal Reserve held rates steady and reiterated a data dependent posture, prompting investors to reassess the timing of future easing. Early earnings results and generally stable earnings guidance supported equity market sentiment as the month progressed, contributing to a notable broadening of leadership toward value equities, small caps, and cyclical stocks. Geopolitical developments, including U.S. actions in Venezuela and renewed trade and foreign policy rhetoric, introduced short lived market distractions but did not derail equity momentum. A weaker U.S. dollar and elevated geopolitical uncertainty supported strong early‑month gains in gold and silver, though both metals experienced sharp volatility into month‑end as risk sentiment fluctuated.

Audio Commentary by Tim Seymour, IDVO Portfolio Manager