January 13, 2026

Markets:

Stock futures ticked lower Tuesday as investors awaited the release of consumer inflation data and weighed key earnings results.

The consumer price index report due at 8:30 a.m. ET is expected to give a fuller picture of prices after disruptions caused by the prolonged U.S. government shutdown last fall. Economists expect the report to show prices rose 2.7% in the 12 months ending in December, according to Dow Jones consensus estimates. That would be in line with the lower-than-expected November CPI results.

Eyes are on the CPI after the December jobs report reflected a slightly weakening, yet stable, labor market that likely encouraged the Federal Reserve to hold off on interest rate cuts. Fed funds futures are pricing in two quarter point cuts this year, starting in June, according to the CME FedWatch tool.

Investors are also looking to Corporate America as the earnings season kicks off. JPMorgan Chase rose more than 1% after the banking giant posted a better-than-expected profit for the fourth quarter. Delta Air Lines, however, shed more than 5% on mixed results.

Bank of America, Citigroup and Morgan Stanley are due to report later this week.

Portfolio:

Strong start to the week. We like the structure that’s developing here as earnings season officially gets underway, with plenty of opportunity ahead.

SPY remains the main focus. Key levels to watch:

SPY: 690, 694, then 700+

SPX: 6955, 6974, 6990, and 7015

January often tricks participants into thinking the calendar flip brings a “new” market. In reality, markets ignore the calendar—and the first sessions of 2026 have traded as if December never really ended.

Instead of a reset or early-year weakness, the same areas that were de-risked or hedged into year-end are emerging as leaders right out of the gate.

The frustration for 2026 is that those waiting for “better levels” are already trailing—and earnings haven’t even fully begun. The pain trade remains continuation.

If tech earnings deliver as we expect, we could see a renewed performance chase and catch-up phase we discussed last summer. There’s still a significant amount of capital on the sidelines, with many investors having denied this market move altogether. When that shifts, the chase could get aggressive.

Be ready today.  CPI will be a big driver short erm and curious t see how price flows today.