Week Ahead on Wall Street: Politics, Personnel, and Payrolls

Estimated reading time: 6 minutes

Just as investors began to worry that another government shutdown could derail more key economic reports, cooler heads prevailed in Washington. Lawmakers reached a temporary funding deal late last week that virtually ensures the Bureau of Labor Statistics will stay open. That means the crucial January jobs report will be released on Friday as scheduled.

The report will be the first clean look at the 2026 labor market, and the numbers are even more relevant now that President Trump announced he was nominating Kevin Warsh as the next chair of the Federal Reserve.

Warsh is a fairly known quantity, having previously served as a Fed Governor from 2006 to 2011. Though he was focused primarily on inflation risks at the time, he has more recently advocated for interest rate cuts and called for institutional reform of the Fed. 

While weaker-than-expected job growth could ramp up pressure for more interest rate relief, a strong number could fuel concerns that rates need to stay high — a view that might not align with Warsh’s objectives.

Economic and Earnings Calendar

Monday

• January ISM Manufacturing PMI: This index from the Institute for Supply Management tracks how purchasing managers across the manufacturing sector feel about the business environment. 
• US Treasury Quarterly Borrowing Estimates: The Treasury Department updates its estimated borrowing needs for future quarters. This release is closely watched by fixed-income investors.
• Fedspeak: Atlanta Fed President Raphael Bostic will take part in a moderated discussion with former Atlanta Fed President Dennis Lockhart, followed by Q&A.
• Earnings: Aptiv (APTV), Disney (DIS), Physicians Realty Trust (DOC), DaVita (DVA), IDEXX Laboratories (IDXX), NXP Semiconductors (NXPI), Palantir Technologies (PLTR), PerkinElmer (RVTY), Simon Property Group (SPG), Teradyne (TER), Tyson Foods (TSN)

Tuesday

• December Job Openings: A key measure of business demand for labor is the number of job openings, since reducing openings is easier and preferable to layoffs. 
• January Wards Total Vehicle Sales: Cars are a big ticket item for consumers, so underlying vehicle sales trends can help shine a light on demand for durable goods.
• Fedspeak: Fed Vice Chair for Supervision Michelle Bowman will take part in a moderated discussion at an WSJ Invest Live event. 
• Earnings: Archer-Daniels-Midland (ADM), Amcor PLC (AMCR), Advanced Micro Devices (AMD), Ametek (AME), Amgen (AMGN), Atmos Energy (ATO), Ball (BALL), Broadridge Financial Solutions (BR), Chubb (CB), Clorox (CLX), Chipotle Mexican Grill (CMG), Corteva (CTVA), Electronic Arts (EA), Emerson Electric Co (EMR), Eaton Corp (ETN), WW Grainger (GWW), Hubbell (HUBB), Gartner (IT), Illinois Tool Works (ITW), Jacobs Engineering Group (J), Jack Henry & Associates (JKHY), Mondelez International (MDLZ), Marathon Petroleum (MPC), Merck & Co (MRK), Match Group (MTCH), PepsiCo (PEP), Pfizer (PFE), Pentair (PNR), Prudential Financial (PRU), PayPal (PYPL), Super Micro Computer (SMCI), Skyworks Solutions (SWKS), TransDigm Group (TDG), Take-Two Interactive Software (TTWO), Veralto Corporation (VLTO), Willis Towers Watson Public (WTW)

Wednesday

• January ADP Employment Report: This survey, usually released a day or two before the official government jobs report, offers insight into private sector employment trends. 
• US Treasury Quarterly Refunding Announcement: The Treasury Department updates its debt issuance projections, including details on which maturities it plans to use to raise funds. This release is closely watched by fixed-income investors. 
• January S&P Global US PMIs: These indexes track how purchasing managers across different industries feel about the business environment. 
• January ISM Services PMI: This index from the Institute for Supply Management tracks how purchasing managers across different services industries feel about the business environment.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Earnings: AbbVie (ABBV), Aflac (AFL), Align Technology (ALGN), Allstate (ALL), AvalonBay Communities (AVB), Avery Dennison (AVY), Bunge Global S.A. (BG), Boston Scientific (BSX), Crown Castle International (CCI), CDW (CDW), CME Group (CME), Cummins (CMI), AmerisourceBergen (COR), Corpay (CPAY), Cognizant Technology Solutions (CTSH), Equifax (EFX), Everest RE Group (EG), Essex Property Trust (ESS), Fox Class B (FOX), Twenty-First Century Fox Class A (FOXA), Fortive (FTV), GE HealthCare Technologies Inc (GEHC), Globe Life (GL), Alphabet (Non-Voting Shares) (GOOG), Alphabet (GOOGL), IDEX (IEX), Johnson Controls International (JCI), Eli Lilly (LLY), Mid-America Apartment Communities (MAA), McKesson (MCK), MetLife (MET), Old Dominion Freight Line (ODFL), Omnicom Group (OMC), O’Reilly Automotive (ORLY), Phillips 66 (PSX), PTC (PTC), Qualcomm (QCOM), STERIS (STE), Stanley Black & Decker (SWK), Bio-Techne (TECH), T Rowe Price Group (TROW), Uber (UBER), YUM! Brands (YUM)

Thursday

• January Challenger Job Cuts: The firm Challenger, Gray & Christmas tracks the number of layoff announcements each month by sector.
• Fedspeak: Bostic will participate in a moderated discussion with the dean of Clark Atlanta University’s School of Business, followed by Q&A.
• Earnings: Amazon (AMZN), Ares Management Corp (ARES), Bristol-Myers Squibb (BMY), Cardinal Health (CAH), Carrier Global Corp (CARR), Cigna (CI), CMS Energy (CMS), ConocoPhillips (COP), Camden Property Trust (CPT), Dayforce Inc (DAY), Digital Realty Trust (DLR), Estee Lauder Companies (EL), Equity Residential (EQR), Fortinet (FTNT), NortonLifeLock (GEN), Huntington Ingalls Industries (HII), Hershey (HSY), Intercontinental Exchange (ICE), IQVIA Holdings (IQV), KKR & Co (KKR), Linde PLC (LIN), Microchip Technology (MCHP), Molina Healthcare (MOH), Monolithic Power Systems (MPWR), Mettler-Toledo International (MTD), News (NWS), News (NWSA), Regency Centers (REG), Ralph Lauren (RL), Rockwell Automation (ROK), Snap-on (SNA), Tapestry (TPR), UDR (UDR), VeriSign (VRSN), Ventas (VTR), WEC Energy Group (WEC), Xcel Energy (XEL)

Friday

• January Employment Situation Summary: This monthly blockbuster release from the Labor Department gives a comprehensive look at employment, wages, and hours worked in the previous month. 
• February University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory. 
• December Consumer Credit: Borrowing activity gives insight into broader economic activity.
• Earnings: Biogen (BIIB), Cboe Global Markets (CBOE), Centene (CNC), Kenvue Inc. (KVUE), Philip Morris International (PM)

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