You might not have felt it with the S&P 500 flirting with all-time highs, but the beginning of 2026 has been marked by considerable turbulence across financial markets. In recent weeks, far more stocks than usual have been making unusually large one-day moves, indicating a notable rise in cross-sectional volatility. This note takes a closer look at three events that have caught our eye: (1) concerns over potential disruptions from artificial intelligence (AI) within tech itself; (2) the appointment of Kevin Warsh and what it means for the Federal Reserve’s (Fed) independence; (3) the sharp corrections in precious metals following the sensational and extended rally earlier in the year. We offer a detailed analysis for each of these developments and explain how they will continue to shape the financial landscape throughout the year.

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