Market Wrap – January 21, 2026: Tariffs Walked Back, Relief Rally, Vol Craters

Markets ripped higher after Trump signaled the Feb 1 Greenland-linked tariff threat would not be imposed. Dow +1.21%, S&P +1.16%, Nasdaq +1.18%, VIX -15.9%. Metals cooled, crypto bounced, and the week’s control-layer remains the same: trade policy + retaliation risk + geopolitics.