Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	−0.22%	+2.66%	+2.77%
S&P 500	−0.24%	+2.20%	+1.52%
Nasdaq	−0.50%	+1.91%	+1.34%
Russell 2000	+2.17%	+6.42%	+8.03%
MSCI EAFE	+0.66%	+4.79%	+3.58%
MSCI EM	+1.23%	+9.17%	+5.72%
Bloomberg U.S. Agg	+0.09%	+0.47%	+0.24%
Bloomberg U.S. Corp HY	+0.15%	+1.12%	+0.55%

Data as of: Friday, January 16, 2026, 4:00 p.m. ET

See important disclosures below.

01/12/2026 - 01/16/2026

U.S. Economy

• December CPI held at 2.7%; core eased to 2.6%

• November retail sales rose 0.6%, signaling resilient consumers

Equity Market

• S&P 500, Dow, Nasdaq posted modest weekly losses

• Semiconductors surged; rotation favored defensives, market breadth improved

Bond Market

• Treasury yields rose; 10-year ended near 4.23%

• High-yield spreads tightened near 2007 lows; strong demand

Around the Globe

• MSCI EAFE and EM stocks rose; U.S. lagged

• Oil ended near $59 WTI, $64 Brent; gold fell

The Week Ahead…

01/19/2026 - 01/23/2026

• Mon

  • US stock and bond markets closed for MLK Day

• Tue

  • 3M and Fastenal report before open

  • Netflix reports earnings after close streaming outlook in focus

  • United Airlines reports earnings after close

• Wed

  • Housing starts and permits released 8:30 am ET

  • Johnson and Johnson and Travelers report before open

• Thu

  • BEA updates Q3 GDP and corporate profits 8:30 ET

  • PCE inflation and income outlays released 10:00 ET

  • Intel earnings after close GE Aerospace before open

• Fri

  • S&P Global flash PMIs released 9:45 am ET

  • BEA releases Q3 state GDP and personal income

Markets head into the week with a quiet start, as U.S. equity and bond markets remain closed Monday in observance of Martin Luther King Jr. Day. That pause gives investors a moment to digest recent inflation data and positioning shifts before earnings season and economic releases accelerate. With risk assets recently choppy and yields elevated, sentiment feels cautious but far from defensive, setting the stage for a data- and earnings-heavy back half of the week.

Activity picks up quickly Tuesday and Wednesday, with several bellwether earnings reports offering insight into both industrial and consumer demand. Results from companies like 3M, Fastenal, United Airlines, and Netflix should help clarify whether corporate fundamentals are holding up amid tighter financial conditions. On the economic front, Wednesday’s housing starts and permits will be closely watched as a read on residential investment and affordability, especially given mortgage rates hovering near cycle highs. Housing remains one of the most rate-sensitive parts of the economy, so any surprise—positive or negative—could move markets.

Thursday is the focal point of the week. The Bureau of Economic Analysis releases updates on GDP, corporate profits, and PCE inflation, which remains the Federal Reserve’s preferred inflation gauge. These reports will shape expectations around the pace and timing of future rate cuts, particularly if inflation shows further cooling without a meaningful slowdown in growth. Earnings from Intel and GE Aerospace add another layer, touching on capital spending and industrial demand trends. The week wraps up Friday with S&P Global flash PMIs, offering a timely snapshot of manufacturing and services activity as we move deeper into the first quarter. Together, these releases should provide a clearer picture of whether the economy is gliding toward a soft landing or encountering renewed turbulence.

-Matt Shaw, CFA

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