All three major U.S. equity average posted fractional losses last week with the S&P 500 stepping back approximately 0.5% from its third record high of the new year set on Monday, January 12. Market breadth was however positive with the equal-weighted S&P 500 outperforming its official cap-weighted index by over 1%. Investor sentiment weakened primarily surrounding rising geopolitical tensions with Iran and Venezuela. Cyclicals and small cap stocks outperformed.