Your Trading Week Ahead — January 30th

Welcome to Your Trading Week Ahead for January 30th. Here’s what you need to know before you go…

Quick recap

Equity markets finished a volatile week mixed following the highly anticipated FOMC meeting and first batch of big tech earnings.

The S&P 500 finished the wild week modestly higher by 0.77% at 4,431. The Dow closed a little higher too, climbing 1.34% to 34,725. Tech stocks finished almost perfectly flat, as the Nasdaq closed down just 2 bps at 13,770.

The changing values might not seem that crazy on the surface — especially given the volatility. But keep in mind, the major indices all fell between 4.5% and 7.5% the week prior. Stocks are still down big as we close the first month of the new year.

Crypto update

Crypto is largely following the same trend as equities. Major cryptocurrencies like Bitcoin ($BTC) and Ethereum ($ETH) are bouncing back. At writing, both are up about 7% from last Sunday. But when you zoom out, it’s still clear they started the year in much better shape. Just take a look at Bitcoin:

The rest of the crypto market is mixed. Binance Coin ($BNB) +2.3%, Cardano ($ADA) -2.8%, Solana ($SOL) -2.7%, XRP ($XRP) 1.2%, Terra ($LUNA) -28% (after falling 21% the prior week), Polkadot ($DOT) +0.4%, Avalanche ($AVAX) +10.8%, Dogecoin ($DOGE) +2.4%, and Shiba Inu ($SHIB) -0.3% are all keeping traders on their toes.

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What to watch this week

Jobs data

Coming off the back of January’s FOMC meeting where Chairman Jerome Powell emphasized a labor market that’s “consistent with maximum employment” — it’ll be interesting to see if January’s nonfarm payrolls reflect that.

The Department of Labor’s January report; due Friday, will give investors a fresh look at the strength of our labor force. This key data, along with another huge batch of earnings, could produce continued volatility in the near-term.

Earnings roundup

Last week, we got a taste of big tech earnings with the likes of Apple Inc. ($AAPL), Microsoft ($MSFT), and Tesla ($TSLA) all reporting mostly positive data (Tesla still sold-off, though).

Now we’ll hear from the last of the “trillion dollar club” with Amazon ($AMZN), Meta ($FB), and Alphabet ($GOOGL) all set to report this week. Other popular names like Advanced Micro Devices ($AMD), Ford ($F), and General Motors ($GM) truly make this a BIG week. It’ll be critical to see how the market responds to these results.

Here’s a full break down of the week ahead:

Economic calendar

There’s a ton of events on the calendar this week with the potential to move markets. Here’s some of the most important things to watch:

• Chicago PMI (Jan.) – Monday at 9:45am ET
• San Francisco Fed President Mary Daly speaks – Monday at 11:30am ET
• Kansas City Fed President Esther George speaks – Monday at 12:40pm ET
• Markit manufacturing PMI (Jan. final) – Tuesday at 9:45am ET
• ISM manufacturing index (Jan.) – Tuesday at 10am ET
• Job openings and job quits (Dec.) – Tuesday at 10am ET
• Construction spending (Dec.) – Tuesday at 10am ET
• ADP employment report (Jan.) – Wednesday at 8:15am ET
• Home ownership rate (Q4) – Wednesday at 10am ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• Markit services PMI (Jan. final) – Thursday at 9:45am ET
• ISM services index (Jan.) – Thursday at 10am ET
• Factory orders (Dec.) – Thursday at 10am ET
• Core capital equipment orders (Dec. revision) – Thursday at 10am ET
• Nonfarm payrolls (month to month Jan.) – Friday at 8:30am ET
• Unemployment rate (Jan.) – Friday at 8:30am ET
• Average hourly earnings (month-to-month Jan.) – Friday at 8:30am ET

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