It was a marginally bearish week for US equity indexes, with net weekly declines ranging from -0.5% (Dow), -0.4% (R2K), -0.35% (SPX), -0.25% (Trans), -0.2% (NYSE comp'), to -0.1% (Nasdaq comp').
Lets take our regular look at six of the main US indexes
sp'500
Nasdaq comp'
Dow
NYSE comp'
R2K
Trans
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Summary
All six US equity indexes were net lower for the week.
The Dow was moderately lower, whilst the Nasdaq was most resilient.
The NYSE comp', R2K, and Transports broke new historic highs.
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Looking ahead
An exceptionally busy week is ahead, with multiple truck loads of earnings, and an FOMC.
Earnings:
M - $RYAAY $STLD $BKR $BMRC $BOH $LKFN $HBT $AGNC $BRO $NUE $CR $WAL $SANM $WRB $AGYS $FSBC $FSUN
T - $UNH $BA $GM $RTX $NOC $SYF $AAL $CVLT $KMB $TXN $STX $NXT $PKG $PPG $FFIV $GEF $HAFC $ENVA $LRN
W -$ASML $GEV $T $APH $GLW $GD $SBUX $VFC $PGR $ADP $MSFT $META $TSLA $LRCX $NOW $CLS $IBM $WM $LVS $LC
T -$MA $CAT $NOK $NDAQ $RCL $MO $PH $BX $LMT $HZO $AAPL $SNDK $V $WDC $SAP $DECK $EMN $HITI $RMD $LPLA
F -$CVX $XOM $AXP $VZ $CNI $CHTR $LYB $ALV $APD
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Econ-data/events
M - Durable goods orders
T - Consumer confidence
W - EIA Pet' report
*FOMC announcement (2pm), Press conf' (2.30pm)
T -Weekly jobs, intl' trade, productivity, wholesale invent', factor orders
F - PPI
*as Friday is end month, I'd expect more dynamic price action on higher vol'
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| 4.05pm GMT |
Final note
Without sounding like a mainstream cheerleader for clown finance TV, earnings are coming in broadly good. Headline GDP data is being propped up by govt' deficit spending of around 7%, with many sincerely believing that 'everything is fine'. The reality is that for tens of millions in North America and Europe, the economic collapse has already occurred. Few want to hear that, as it might pop their bubble of ignorance or wilful delusion.
The real action remains in gold and silver, as most of you recognise what is set to play out into the early 2030s.
Regardless of how January settles, with five of six (Nasdaq is the exception) indexes breaking a new historic high, it has to be seen as a net bullish month. Why would we expect February to be any different?
Sure, a 10% or even 20% washout is probable, but there are trillions of dollars looking for a place to be spent, as 2026 looks set to be another net bullish year
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Have a good weekend
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*the next post on this page will likely appear 4.20pm
EST on Monday.
