"On Your Mark!"

Hi There! Six decades have elapsed since the iconic moment when Rev. Dr. Martin Luther King, Jr. delivered his powerful "I Have a Dream" speech—a speech that continues to resonate and inspire millions across generations. As I scroll through my social media feed today, seeing countless people sharing his memorable quotes, a sense of reflection stirs within me. It's a reminder of the significant impact one individual can have and prompts me to consider my own contributions to humanity. MLK Day is more than just a commemoration; it's a call to action, urging me to keep moving forward and to make a difference in the lives of those that cross my path.

 Alright, let’s dig in!

Last week, stocks showed a mixed performance as investors digested major banks earnings reports and economic data that indicated a surprising decrease in wholesale prices in December. The S&P 500 saw a 1.8% rise, the Nasdaq gained 3.1%, and the Dow slightly increased by 0.3%.

Inflation remains a key concern, with US inflation still rising much faster than the Federal Reserve's 2% target range. The Core CPI inflation rate climbed to 3.9% (year-over-year), slightly above forecasts. Although the rate is decreasing, it's uncertain if it will reach the Fed's target soon. This suggests that March might be too premature for easing monetary policy, as indicated by Fed Mester's comments.

U.S. crude oil prices fluctuated due to rising Middle East tensions. West Texas Intermediate (WTI) futures briefly surpassed $75 per barrel following a U.S. and British airstrike in Yemen, but later settled at $72.68. Brent futures peaked above $80 before closing at $78.29.

Last week was one for the Crypto History Books.

The approval of spot Bitcoin (BTC) ETF marked a significant milestone. Ethereum (ETH) experienced a surge while Bitcoin (BTC) showed little movement on the announcement. This could be because the market anticipated the approval of a spot ETH ETF next. Additionally, the Arbitrum DAO's announcement of a long-term incentive program added to the week's highlights in the crypto sector.

Here are other key highlights from last week:

• NFTs eye a comeback following spot Bitcoin ETF approval

• GameStop’s NFT marketplace will wind down on February 2, 2024

• Libre Capital, a financial institution, partnered with Polygon

Here are key events to watch this week:

• World Economic Forum 54th Annual Meeting in Davos-Klosters (All Week)

• NY Fed Manufacturing Survey

• US Retail Sales

• Philadelphia Fed Manufacturing Survey

• Consumer Sentiment

• Speeches from Fed Members including Waller, Barr, Bowman, Williams, Bostic, and Daly

The most anticipated earnings releases this week, including Goldman Sachs (GS) and Morgan Stanley (MS) are outlined in the chart below.

This Week’s High-Impact Global Economic Data Highlights:

• Euro Area Industrial Production (Nov)

• ECB December Meeting Minutes

• UK Labour Market Survey, CPI (Dec) and Retail Sales

• Germany ZEW Survey (Jan)

• Canada CPI (Dec) and Retail Sales (Nov)

• China 2023 Q4 GDP

Trading Tip: The trading week following Martin Luther King Day is usually weak for stocks (Bespoke Investment Group)

Week 1/7/23 - 1/13/24 Recap

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