S&P 500 – 6,940.01 (-0.064%)

Dow Jones – 49,359.33 (-0.17%)

NASDAQ – 23,515.39 (-0.062%)

• U.S. Markets: U.S. equity markets finished modestly lower on Friday, as gains in real estate and industrial stocks were offset by weakness in the health care sector. Treasury yields rose modestly, with the 10-year yield closing at 4.23%, remaining largely range-bound between 4.0% and 4.25%.
• Trade & Tariffs: President Donald Trump threatened tariffs up to 25% on imports from eight European allies if Greenland is not sold to the U.S., prompting condemnation from EU officials. Overseas, European markets declined, while Asian markets rose after a Taiwan–U.S. trade agreement lowered tariffs on Taiwanese imports in exchange for a $250 billion investment in U.S. semiconductor manufacturing.
• Elon Musk Lawsuit: Elon Musk is seeking $134 billion from OpenAI and Microsoft, claiming the companies earned “wrongful gains” from his early contributions. Both companies reject the claim and filed motions challenging his damages calculations ahead of a jury trial.
• JPMorgan Dispute: Trump plans to sue JPMorgan over alleged “debanking” after Jan. 6, accusing CEO Jamie Dimon of political discrimination. JPMorgan denied wrongdoing and emphasized it does not close accounts based on political or religious beliefs.
• Tech Supply Chain: Nvidia suppliers halted production of H200 AI chips after China blocked shipments, putting planned Chinese orders at risk. The company had ramped up production following U.S. approval for sales in China.
• Biotech Approvals: The Saudi FDA granted accelerated approval for ImmunityBio’s ANKTIVA® to treat BCG-unresponsive non-muscle-invasive bladder cancer, expanding global access. Enrollment in ongoing trials for BCG-naïve patients is ahead of schedule, with full enrollment expected by Q2 2026.
• Economic Data: Investors digested a full week of economic data. Inflation and retail sales were largely in line with expectations: headline CPI rose 0.3% MoM and 2.7% YoY, while core CPI was slightly below estimates. Retail sales for November exceeded forecasts, up 0.6% MoM (+0.5% ex-autos).
• Commodities & Currency: Crude oil futures fell over 4% as traders reassessed a potential U.S. military strike on Iran. Silver hit a record high, gold slipped slightly from its record, and the U.S. dollar strengthened against major currencies.
• Cryptocurrency: Bitcoin futures declined more than 1% on Thursday but rose slightly on Friday, marking a third straight weekly gain, the first since July, after the Senate Banking Committee delayed a key market-structure vote.
• Earnings Highlights: Fourth-quarter earnings season began with strong results from major U.S. banks, including JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley. S&P 500 earnings are expected to grow 8% YoY in Q4, led by tech sector growth of over 25%.
• Individual Stocks:
  • Micron Technology (MU) jumped after a board member bought nearly $8 million in shares.
  • PNC Financial (PNC) rose after reporting a 25% increase in Q4 profit and projecting 11% revenue growth for 2026.
  • J.B. Hunt (JBHT) fell after reporting weaker quarterly revenue due to lower transcontinental load volumes.
  • Coupang (CPNG) gained following a Deutsche Bank upgrade to Buy, citing that regulatory risks are largely priced in.

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“Faith is taking the first step even when you don’t see the whole staircase.” – Martin Luther King Jr.

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Notable Stocks

• Nvidia (NVDA)
• Micron Technology (MU)
• Tesla (TSLA) 
• ImmunityBio (IBRX)
• Alphabet (GOOGL)

Weekly Notables

Trump Blasts Dimon, Threatens Lawsuit Against JPMorgan Over ‘Debanking’

President Donald Trump criticized JPMorgan Chase & Co. and its chief executive, Jamie Dimon, on Saturday, threatening to sue the bank over his claim that he was improperly “debanked” following the Jan. 6, 2021, Capitol riot. Trump’s remarks came in response to a Wall Street Journal report suggesting he had previously floated Dimon as a potential Federal Reserve chair—a claim Trump dismissed. In a post on social media, Trump said no such offer was ever made and added that he plans to file a lawsuit against JPMorgan within the next two weeks for what he described as the bank’s “incorrect and inappropriate” closure of his accounts.

Musk Seeks Up To $134 Billion From OpenAI and Microsoft in ‘Wrongful Gains’

Elon Musk is seeking up to $134 billion from OpenAI and Microsoft, arguing that he is entitled to “wrongful gains” the companies allegedly earned from his early involvement, according to a court filing submitted Friday. Musk claims OpenAI generated between $65.5 billion and $109.4 billion in value from his contributions when he helped co-found the organization in 2015, while Microsoft gained between $13.3 billion and $25.1 billion. The filing comes ahead of a jury trial between Musk and the two companies.

Earnings Spotlight: United Airlines (UAL)

United Airlines UAL is scheduled to report fourth-quarter 2025 results on Jan. 20, after market close. The Zacks Consensus Estimate for fourth-quarter 2025 earnings has declined 7.6% over the past 60 days to $3.05 per share. The consensus mark indicates a decline of 6.4% from the fourth-quarter 2024 actuals. The Zacks Consensus Estimate for revenues is pegged at $15.44 billion, indicating a 5.04% increase from the fourth-quarter 2024 actuals.

What's Ahead

• Monday (Jan. 19): -no reports-
• Tuesday (Jan. 20): -no reports-
• Wednesday (Jan. 21): Building Permits, Construction Spending, Housing Starts, MBA Mortgage Applications Index, Pending Home Sales
• Thursday (Jan. 22): Continuing Claims, EIA Crude Oil Inventories, EIA Natural Gas Inventories, Q3 GDP – Revised (3rd estimate), Initial Claims, PCE Prices, Personal Income, Personal Spending
• Friday (Jan. 23): University of Michigan Consumer Sentiment - Final
   

Earnings:

• Monday (Jan. 19): -no reports-
• Tuesday (Jan. 20): D.R. Horton Inc. (DHI), Fastenal Co. (FAST), Fifth Third Bancorp (FITB), KeyCorp (KEY), Interactive Brokers Group Inc. (IBKR), Netflix Inc. (NFLX), 3M Co. (MMM), United Airlines (UAL), US Bancorp (USB), Zions Bancorporation (ZION)
• Wednesday (Jan. 21): CACI International Inc. (CACI), Charles Schwab Corp. (SCHW), Halliburton Co. (HAL), Johnson & Johnson (JNJ), Kinder Morgan Inc. (KMI), Knight-Swift Transportation Holdings (KNX), Pinnacle Financial Partners Inc. (PNFP), Prologis Inc. (PLD), Rli Corp. (RLI), TE Connectivity PLC (TEL), Travelers Companies Inc. (TRV), Truist Financial Corp. (TFC)
• Thursday (Jan. 22): Abbott Laboratories (ABT), Alcoa Corp. (AA), Capital One Financial Corp. (COF), CSX Corp. (CSX), East West Bancorp (EWBC), Freeport-McMoRan Inc. (FCX), GE Aerospace (GE), Huntington Bancshares (HBAN), Intel Corp. (INTC), Intuitive Surgical Inc. (ISRG), McCormick & Company (MCK), Procter & Gamble Co. (PG)
• Friday (Jan. 23): Booz Allen Hamilton Holding Corp. (BAH), Comerica Inc. (CMA), First Citizens BancShares (FCNCA), SLB NV (SLB), Webster Financial Corp. (WBS)