• Stocks saw a resurgence. Stocks climbed Friday, as the three major averages posted their first weekly gain of 2025. Big tech stocks led with Tesla and Nvidia seeing gains of roughly 3%. Both the Dow and the S&P indexes posted their biggest weekly advance since the week of the U.S. presidential election in November. 
• Investors continue to show concern over inflation. President-elect Trump will head into office this week and his proposed policies, such as high tariffs on imported goods, tax cuts for corporations, and curbs on immigration, are seen as inflationary.
• The market may be volatile. How have markets performed under previous Republican presidents? Analysis by AJ Bell of market performance during previous campaigns since 1949 finds that US equities can be slow movers in the first year of a Republican president, rising just 2% on average.
• Qorvo shares saw their best day since 2020. Shares of Qorvo rose more than 13% in afternoon trading on Friday, a move that put the stock on pace for its best day in more than four years. A WSJ report revealed that activist investor Starboard Value had amassed a 7.7% stake in the company.
• Crypto stocks jumped. Amid reports that President-elect Donald Trump could release an executive order making crypto a national priority as soon as the first day of his new term, shares of crypto operators like Coinbase and Robinhood went higher.
• J.B. Hunt fell on an earnings miss. The transport stock fell 6% after fourth-quarter earnings miss. J.B. Hunt generated $1.53 in earnings per share, while analysts surveyed by LSEG were looking for $1.61. 
• Intel popped on takeover speculation rumors. The chipmaker saw its shares grow 8% over takeover speculation following the departure of its CEO last month. 
• Social media stocks dropped on the anticipation of Tik Tok's ban. Shares of Meta and Snapchat fell lower after the Supreme Court decided to uphold its ban on Tik Tok.
• Corporate earnings season off to a solid start. Fourth-quarter earnings season kicked off last week, with the largest banks leading the way. Of companies that reported, 77% beat analyst estimates, with an average upside surprise of 9.3%.
• Key inflation data. The U.S. consumer price index (CPI) inflation data showed core inflation continues to moderate. Headline CPI rose by 2.9% year-over-year in December, slightly above expectations due to a spike in energy prices; however, core CPI rose by 3.2% year-over-year in December, below expectations of 3.3%.

• Plug Power (PLUG)
• Tesla (TSLA)
• Intel Corp. (INTC)
• Nvidia (NVDA)
• Rigetti Computing (RGTI)

Biggest Gainers

• Music Licensing, Inc. (SONG) +249,899.98%
• Federal Home Loan Mortgage Corp. (FMCC) +26.29%
• Qorvo (QRVO) +14.43%
• JD.com (JD) +10.11%
• Bank OZK (OZK) +9.70%

Biggest Losers

• Rigetti Computing (RGTI) -12.54%
• Agilysys, Inc. (AGYS) -8.39%
• Mercury General (MCY) -7.45%
• J.B. Hunt Transport Services (JBHT) -7.38%
• Fluence Energy (FLNC) -7.32%

Weekly Notables

Tik Tok May Get a 90 Day Extension

Tik Tok was in its last hours on Saturday before the ban anticipated to take affect today. President-elect Donald Trump said on Saturday however, that he “most likely” would give TikTok 90 more days to work out a deal that would allow the platform to avoid a U.S. ban. Trump said he was considering granting TikTok a reprieve after he is sworn into office on Monday. Perplexity AI also submitted a bid on Saturday to TikTok parent ByteDance, proposing that Perplexity merge with TikTok U.S., CNBC has learned.

American Airlines Gets Upgraded by Bank of America

Bank of America upgraded shares of American Airlines Group to a neutral rating from underperform on Friday, pointing to “solid premium revenues, a build back of corporate travel, and growth on Atlantic routes” as catalysts.

Analyst Andrew Didora also raised his price objective to $20 from $12, implying a potential 9% upside for the stock. Shares of American Airlines have surged 41% over the past 12 months.

 The Week Ahead

• Potential market moving catalysts this week: A quiet start to the week but on Wednesday (1/22) we will see EIA Crude Oil Inventories, Leading Indicators, and the MBA Mortgage Applications Index. On Thursday (1/23) we will see Continuing Claims, EIA Natural Gas Inventories, and Initial Claims while on Friday (1/24) the data expected is Existing Home Sales and University of Michigan Consumer Sentiment - Final.
• Earnings on deck this week: Charles Schwab Corp. (SCHW), Prologis Inc. (PLD), 3M Co. (MMM), D.R. Horton Inc. (DHI), Fifth Third Bancorp (FITB), KeyCorp (KEY), Netflix Inc. (NFLX), Interactive Brokers Group Inc. (IBKR), Capital One financial Corp. (COF), United Airlines Holdings Inc. (UAL), Seagate Technology Holdings PLC (STX), Procter & Gamble Co. (PG), Johnson & Johnson (JNJ), Abbott Laboratories (ABT), GE Vernova Inc. (GEV), Travelers Companies Inc. (TRV), Halliburton Co. (HAL), Kinder Morgan Inc. (KMI), Discover Financial Services (DFS), Alcoa Corp. (AA), Knight-Swift Transportation Holdings Inc. (KNX), GE Aerospace (GE), Union Pacific Corp. (UNP), Elevance Health Inc. (ELV), Freeport-McMoRan Inc. (FCX), Northern Trust Corp. (NTRS), American Airlines Group (AAL), Alaska Air Group Inc. (ALK), Intuitive Surgical (ISRG), Texas Instruments Inc. (TXN), CSX Corp. (CSX), American Express Co. (AXP), Verizon Communications Inc. (VZ), Nextera Energy Inc. (NEE), HCA Healthcare Inc. (HCA), and Northwest Bancshares Inc. (NWBI).