It’s here: the first earnings season of 2026.
Clearly, there is a lot of good priced-in overall. However, for the first time in recent memory, many of the Mag 7 will report from levels that do not demand perfection. As such, there is an opportunity — as Alvaro and I discussed on Friday’s Charts and Checks — for these names to firm up into their reports and/or deliver numbers capable of gapping the stock higher.
One final thought: although a majority of the S&P 500 is leveraged to technology, it is acting more like a financial stock than a technology stock.
In short, it appears that as long as the well-known Mag 7 generals can tread water, we have an S&P 500 — we have a stock market — that is willing to be led higher by other names and other groups… most notably financials, adding great consequence to J.P. Morgan’s quarter on Tuesday morning.
Monday
Fed Speak
- Tom Barkin | 800
- Raphael Bostic | 1230
- John Williams | 1800
Tuesday
Consumer Price Index (CPI, Dec.) | 830
- Headline YoY | 2.7% est. & 2.7% prior
- Headline MoM | 0.3% est. & 0.3% prior
- Core YoY | 2.7% est. & 2.6% prior
- Core MoM | 0.3% est. & 0.2% prior
The Official Start of Earnings
J.P Morgan (JPM) | BTO
Delta (DAL) | BTO
Wednesday
Delayed November Data | 830
- U.S. Retail Sales | 0.4% est. & 0.0% prior
- Minus Autos | 0.3% est. & 0.4% prior
- CPI and PPI
Fed Speak
- Neel Kashkari | 1100
- Raphael Bostic | 1200
- Stephen Miran | 1230
- John Williams | 1410
Fed Beige Book | 1400
Anecdotes from Fed Officials on the economic activity of their districts: inflation, labor, consumer behavior, etc…
Wells Fargo (WFC) | BTO
Citi Group (C) | BTO
Thursday
Initial Jobless Claims | 220k est. & 208k prior | 830
Fed Speak
- Michael Barr | 915
- Tom Barkin | 1240
- Jeff Schmid | 1330
Taiwan Semiconductor (TSMC) | BTO
First read on the leadership from the player that actually fabricates all the chips being ordered. A good read on volume from them defends bulls from the attack that demand is somehow waning.
Goldman Sachs (GS) | BTO
Morgan Stanley (MS) | BTO
BlackRock (BLK) | BTO
About 4% off the high in the aftermath of the Trump Administration’s interest in barring institutions from owning single family homes.
Friday
Industrial Production (Dec) | 0.2% est. & 0.2% prior | 915
Capacity Utilization (Dec) | 76.0% est. & 76% prior | 915
State Street (STT), Regions (RF), PNC (PNC) | BTO
A read from some banks beyond the “Fin-5”. Should have the most to gain from actual deregulation on the boom in loan growth that is underway.
Key
Macro Economic Events
Corporate Earnings
High Importance
Gorilla With Glasses 