Markets Await Q4 Reports

Stocks opened lower on Tuesday after the White House threatened fresh tariffs on EU nations following an international debate over Greenland.

The S&P 500 and Nasdaq slid more than 2 percent, while the Dow Industrials also came under pressure.³

Markets rebounded on Wednesday after assurances that the U.S. would adopt a more diplomatic approach toward Greenland. By the close of trading, the White House also walked back its tariff threats and said it had reached a framework for a Greenland deal.

On Thursday, markets accelerated higher, powered by a slight uptick in revised Q3 GDP and lower-than-expected weekly jobless claims.^4,5

The S&P 500 went sideways on Friday as investors looked ahead to a big week of Q4 corporate reports and the first Fed meeting of 2026.⁶

Source: YCharts.com, January 24, 2026. Weekly performance is measured from Friday, January 16, to Friday, January 23. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.

For the 14 consecutive trading sessions through Thursday, January 22, David beat Goliath—the Russell 2000 Index of small-cap stocks outperformed the S&P 500. The last time that happened was May 1996. Small caps broke that streak on Friday.⁷

Small caps have historically outperformed large caps when interest rates have trended lower, but the 10-year Treasury rate has been rising since late October.⁷

Monday: Durable Goods* (Nov).

Tuesday: Consumer Confidence.

Wednesday: Fed Interest Rate Decision. Fed Chair Powell Press Conference.

Thursday: Weekly Jobless Claims. Trade Deficit* (Nov). Productivity (Q3). Wholesale Inventories* (Nov). Factory Orders* (Nov).

Friday: Producer Price Index* (Dec).

^{* indicates publication of a report delayed by the government shutdown in October and November}

Source: Investors Business Daily – Econoday economic calendar; January 23, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.

Tuesday: UnitedHealth Group Incorporated (UNH), RTX Corporation (RTX), The Boeing Company (BA), NextEra Energy, Inc. (NEE), Texas Instruments Incorporated (TXN), Union Pacific Corporation (UNP), HCA Healthcare, Inc. (HCA)

Wednesday: Microsoft Corporation (MSFT), Meta Platforms, Inc. (META), Tesla, Inc. (TSLA), Lam Research Corporation (LRCX), International Business Machines Corporation (IBM), Amphenol Corporation (APH), GE Vernova Inc. (GEV), AT&T Inc. (T), Danaher Corporation (DHR), ServiceNow, Inc. (NOW), The Progressive Corporation (PGR), Starbucks Corporation (SBUX), Automatic Data Processing, Inc. (ADP)

Thursday: Apple Inc. (AAPL), Visa Inc. (V), Mastercard Incorporated (MA), Caterpillar Inc. (CAT), Thermo Fisher Scientific Inc. (TMO), KLA Corporation (KLAC), Stryker Corporation (SYK), Honeywell International Inc. (HON), Lockheed Martin Corporation (LMT), Parker-Hannifin Corporation (PH), Blackstone Inc. (BX), Altria Group, Inc. (MO), Comcast Corporation (CMCSA)

Friday: Exxon Mobil Corporation (XOM), Chevron Corporation (CVX), American Express Company (AXP), Verizon Communications Inc. (VZ)

Source: Zacks, January 23, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.

Need Last Year’s Tax Returns?

Help is available for taxpayers who need tax information for prior years but who did not keep copies of their returns. There are ways to get the information you need.

Keep in mind the Internal Revenue Service (IRS) recommends that taxpayers keep copies of their returns and any documentation for at least three years after filing:

• Ask your software provider or tax preparer. This is often the easiest way to get a copy of your tax returns.
• Order a tax transcript. Taxpayers who cannot get a copy of a prior-year return may order a tax transcript from the IRS. This document partially masks personally identifiable information such as names, addresses, and Social Security numbers to protect taxpayers’ identities. All financial entries, including the filer’s adjusted gross income, are visible. These are free and available for the most current tax year after the IRS has processed the return. People can also get these records for the past three years.
• Pay for a copy from the IRS. As a last resort, you can purchase a copy of your tax return from the IRS. 

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov⁸

Being SMART about fitness goals

Are you putting exercise on the back burner? Make it a priority. To stick with a workout regimen, make regular physical activity a priority. Here’s where setting SMART goals can help.

Instead of saying you will “exercise more,” state a SMART exercise goal. SMART stands for:
Specific: State the objective you wish to meet as precisely as possible: “I am going to commit to doing a full-body video workout several times a week.”
Measurable: Identify quantifiable criteria to allow you to measure your progress: “I am going to do this workout three times a week for at least 30 minutes each time. I will track my progress in my workout journal.”
Attainable: Your goal should be ambitious but not impossible: “I am committing to three times a week, not seven times a week, because it is realistic and achievable for me with my current schedule.”
Relevant: Your goals must align with your current circumstances and priorities: “I will do it to stay healthy and strong during these times and to feel less stressed.”
Time-bound: Allocate a specific period for completing your goal: “I will commit to this plan for a month. In 30 days, I will have had 12 workouts and will reassess my goal after that.”

Tip adapted from Cleveland Clinic⁹

Fanad Head Lighthouse

Donegal, Ireland

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.

The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.

U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Please consult your financial professional for additional information.

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