Your Trading Week Ahead — January 9th

Welcome to Your Trading Week Ahead for January 9th. Here’s what you need to know before you go…

Quick recap

Markets started the new year with a BANG last week as the S&P 500 and Dow 30 both notched fresh all-time highs on Tuesday.

However, the party didn’t last too long. The FOMC’s December minutes, released Wednesday, revealed talks of rate hikes that could begin as soon as the Fed’s March meeting. Needless to say, markets didn’t love the realization that easy monetary policy may end a bit sooner than expected.

The S&P 500 ultimately closed the week lower by 1.87% at 4,677. The Dow finished down 0.29% at 36,231. Tech stocks were hammered as the Nasdaq slipped lower by 4.53% at 14,935.

Crypto update

Bitcoin has continued its ugly entrance into the new year. At writing, BTC is down 11.2% on the week at $42,015.

Meanwhile, the rest of the crypto landscape is looking pretty red as well. Ethereum (ETH) -16.3, Solana (SOL) – 19.3%, Binance Coin (BNB) -16.5%, Cardano (ADA) -13%, XRP (XRP) -10.5%, Terra (LUNA) -25%, Polkadot (DOT) -14%, Avalanche (AVAX) -27%, Dogecoin (DOGE) -11.4%, and Shiba Inu (SHIB) -16% are all down big after another tough week for crypto.

Here’s recent performance for some of the most popular crypto assets:

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What to watch this week

Inflation data

Traders will be eyeing the Bureau of Labor Statistic’s Consumer Price Index (CPI) data on Wednesday. The reading is expected to come in hot once again. Experts anticipate a CPI increase of 0.4% in December after rising 0.8% month-over-month in November. We’ll have to see how markets respond to a sustained increase in inflation as we move through Q1.

Earnings roundup

Q4 earnings for the biggest banks on Wall Street are due to begin rolling in this week. JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Wells Fargo (WFC), BlackRock (BLK), and Jefferies Financial Group (JEF).

Taiwan Semiconductor (TSM) and Tilray (TLRY) also report quarterly data in the week ahead. Here’s the biggest names to watch:

Economic calendar

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

• Wholesale inventories (Nov. revision) – Monday at 10am ET
• NFIB small-business index (Dec.) – Tuesday at 6am ET
• Consumer price index (Dec.) – Wednesday at 8:30am ET
• Core CPI (Dec.) – Wednesday at 8:30am ET
• Federal budget (Dec.) – Wednesday at 2pm ET
• Fed Beige Book – Wednesday at 2pm ET
• Initial and continuing jobless claims – Thursday at 8:30am ET
• Producer price index (Dec.) – Thursday at 8:30am ET
• Retail sales/ retail sales excluding autos (Dec.) – Friday at 8:30am ET
• Import price index (Dec.) – Friday at 8:30am ET
• Industrial production (Dec.) – Friday at 9:15am ET
• Capacity utilization (Dec.) – Friday at 9:15am ET
• University of Michigan consumer sentiment index (Jan. preliminary) – Friday at 10am ET
• Business inventories (Dec.) – Friday at 10am ET

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