Market Pulse

Jan 11

  IndexLast Week1-Month (Trailing)YTD
DJIA
      +2.32%
      +4.09%
      +3.00%
S&P 500
      +1.69%
      +1.96%
      +1.88%
Nasdaq
      +2.01%
      +0.54%
      +1.98%
Russell 2000
      +4.72%
      +3.97%
      +5.83%
MSCI EAFE
      +1.80%
      +3.58%
      +2.87%
MSCI EM
      +1.52%
      +4.70%
      +4.36%
Bloomberg U.S. Agg
      +0.13%
      +0.48%
      −0.07%
Bloomberg U.S. Corp HY
      +0.30%
      +0.92%
      +0.30%
Data as of: Friday, January 9, 2026, 4:00 p.m. ET

See important disclosures below.

01/05/2026 - 01/09/2026

U.S. Economy

Payrolls missed, unemployment fell, reinforcing expectations for a Fed pause

Trump floated housing, defense, and tariff-related policy initiatives

Equity Market

Indexes hit record highs amid broad pro-cyclical rotation

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Leadership broadened beyond big tech
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Bond Market

Yield curve flattened as long-end yields declined

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Heavy Treasury issuance may test demand
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Around the Globe

Gold, silver, and oil rose despite muted risk response

Global geopolitical tensions remained largely ignored by markets

The Week Ahead…

01/12/2026 - 01/16/2026

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Mon
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- ```
NY Fed Williams speaks
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Tue

JPMorgan Chase, Delta Air Lines, Bank of New York Mellon

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CPI (Dec)
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New Home Sales
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Wed

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Bank of America, Citigroup, Wells Fargo
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PPI
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Existing Home Sales
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Thu

Goldman Sachs, Morgan Stanley, BlackRock, J.B. Hunt

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Retail Sales (Dec)
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Fri

PNC Financial, State Street, M&T Bank, Regions Financial, BOK Financial

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Industrial Production
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The week ahead marks the unofficial kickoff to Q4 earnings season, led by major U.S. financial institutions. Reports begin Tuesday with results from JPMorgan Chase, Delta Air Lines, and Bank of New York Mellon, before accelerating Wednesday with Bank of America, Citigroup, and Wells Fargo. Thursday brings another heavy slate with Goldman Sachs, Morgan Stanley, BlackRock, and J.B. Hunt, followed by regional banks closing out the week on Friday. Given market sensitivity to credit trends, net interest margins, and capital markets activity, these results should set the tone for broader earnings expectations.

On the macro front, inflation data will be the central focus. December CPI is released Tuesday and is expected to show a modest cooling versus November, a key input for near-term rate expectations. Additional economic releases throughout the week include PPI, retail sales, housing data, and industrial production, offering a more complete read on inflation pressures and economic momentum entering the new year.

Central bank commentary remains in the background, but markets will closely monitor how incoming data influences expectations for Federal Reserve policy as investors reassess the pace and magnitude of potential rate cuts in 2026.

-Matt Shaw, CFA

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This report and the opinions provided herein are for informational purposes only, are not a solicitation, and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or investment. All opinions expressed herein constitute the author’s judgement as of the date of this document and are subject to change without notice. Statements made are not facts, including statements regarding trends, market conditions and the experience or expertise of author are based on current expectations, estimates, opinions and/or beliefs. Such statements are not facts and involve known and unknown risks, uncertainties and other factors. Past events and trends do not predict or guarantee or indicate future events or results. Information cited in this report has been drawn from sources believed to be reliable and was captured at a point in time. Therefore, the data is subject to change and its accuracy is not guaranteed. DJIA, S&P, Russell 2000, and NASDAQ indices are referenced directly; MSCI EAFE, MSCI EM, BB U.S. Aggregate, Bloomberg U.S. Corp. HY, and all sector figures refer to the respective ETFs as a representative figure. Ategenos Capital, LLC d/b/a AC Wealth Partners does not own or control and is not affiliated with any third-party content provided via hyperlink, quoted, or cited herein. Investors seeking more information should contact their financial advisor. Investing involves risk, including the possible loss of principal. It is not possible to invest directly in an index. Past performance does not guarantee future results. AC Wealth Partners is an investment adviser registered with the SEC. SEC registration does not imply any specific level of training or skill.

Matt Shaw