The Bottom Line
Economic focus this week is on the FOMC decision on interest rates released on Wednesday at 2:00 PM EST.
Quarterly earnings focuses this week are on Microsoft and Meta Platform on Wednesday, Apple and Amazon on Thursday and ExxonMobil and Chevron on Friday.
Earnings and Revenues Consensus for S&P 500 companies
Source: www.factset.com
Analyst earnings and revenue estimates recorded small changes last week: 13% of companies have reported quarterly results to date. Another 103 companies (including twelve Dow Jones Industrial Average companies) are scheduled to report this week.
- Consensus for fourth quarter 2025 earnings gains remained at 8.2%. Consensus for revenue growth remained at 7.8%. For all of 2025, consensus for earnings gains was unchanged at 12.4%. Consensus for revenue gains was unchanged at 7.2%.
- Consensus for first quarter 2026 calls for an 11.2% earnings increase, down from a 12.2% increase last week. Revenue gains remained at 8.3%.
- Consensus for second quarter 2026 earnings gains slipped to 14.5% from 14.6%. Consensus for revenue gains remained at 7.5%.
- Consensus for third quarter 2026 earnings remained at a 14.8% gain. Consensus for revenue gains increased to 6.8% from 6.7%
- Consensus for fourth quarter 2026 earnings remained at an 18.4% gain. Revenue gains increased to 7.4% from 7.3%.
- For all of 2026, consensus for earnings gains slipped to 14.7% from 14.9%. Consensus for revenue gains remained at 7.3%.
Economic News This Week
November Durable Goods Orders released at 8:30 AM EST on Monday are expected to increase 4.5% versus a 2.2% drop in October (includes Boeing aircraft deliveries)
January U.S. Consumer Confidence Index released at 10:00 AM EST on Tuesday is expected to improve to 90.0 from 89.1 in December
FOMC interest rate decision is released at 2:00 PM EST on Wednesday. Consensus calls for no change in the Fed Fund Rate currently at 3.50% -3.75%. Federal Reserve Chairman Powell explains at a news conference at 2:30 PM EST.
November U.S. Trade Deficit released at 8:30 AM EST on Thursday is expected to increase to $45.1 billion from $29.4 billion in October.
U.S. Third Quarter Revised Productivity released at 8:30 AM EST on Thursday is expected to remain at 4.9%.
November U.S. Factory Orders released at 10:00 AM EST on Thursday are expected to increase 1.1% versus a 1.3% drop in October.
December U.S. Producer Price Index released at 8:30 AM EST on Friday is expected to increase 0.2% versus a 0.2% increase in November.
Selected Earnings News This Week
· Canadian companies are bolded
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for January 23rd 2026
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for January 23rd 2026
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for January 23rd 2025
Green: Increase from previous day
Red: Decrease from previous day
Changes last week
Links offered by valued providers
Mike’s Money Talks for January 24th
January 24 Episode (mikesmoneytalks.ca)
Foreign Markets May Be More Attractive Than the U.S. in 2026: Tom Bowley
Foreign Markets May Be More Attractive Than the U.S. in 2026 (stockcharts.com)
The Market Warning Investors Are Ignoring with Guy Adami, Dan Nathan and David Rosenberg
The Market Warning Investors Are Ignoring with David Rosenberg – YouTube
Winter storm sends gas soaring: Goldman Sachs’ Samanta Dart on natural gas price trends
Winter storm sends gas soaring: Goldman Sachs’ Samanta Dart on natural gas price trends – YouTube
Consumer sentiment rises in January: Rick Santelli
Consumer sentiment rises in January – YouTube
Still believe we’ll have a better-than-average year in 2026, says Carson Group’s Ryan Detrick
Stock Market Looks Quiet, But Important Shifts are Underway: Mary Ellen McGonagle
Stock Market Looks Quiet, But Important Shifts are Underway (stockcharts.com)
Will Silver’s Rocketing Momentum Continue? Bob Hoye
https://www.howestreet.com/2026/01/will-silvers-rocketing-momentum-continue-bob-hoye/
Grantham Reflects on Six Decades of Investing
https://www.howestreet.com/2026/01/grantham-reflects-on-six-decades-of-investing/
Technical Notes for Friday
Oil Services ETF (OIH) moved above $345.75 to a six year high extending an intermediate uptrend.
Broadcom (AVGO) an S&P 100 stock moved below $320.81 completing a Head & Shoulders pattern.
Palladium ETN (PALL) moved above $175.96 to a three year high extending an intermediate uptrend.
U.S. Dollar moved below $97.75 setting an intermediate downtrend.
S&P 500 Momentum Barometers
The intermediate term Barometer dropped 1.40 on Friday and fell 4.60 last week to 67.40. It remains Overbought.
The long term Barometer slipped 0.20 on Friday and slipped 0.02 last week to 68.80. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.29 on Friday, but dropped 4.13 last week to 81.65. It remains Overbought.
The long term Barometer dropped 0.92 on Friday and dropped 1.38 last week to 83.94. It remains Overbought.
Disclaimer: Seasonality ratings and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
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Equity Clock Publications