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January 20, 2026
Dow: 49,359
S&P: 6,940
Nasdaq: 23,515
10-YR T-Note: 4.28%
Bitcoin: 90,980
VIX: 20.3
Gold: $4,745
Crude Oil: 59.85
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
Stocks ended slightly lower on Friday as the first week of corporate earnings season ended with markets trading near record levels.
The wobbly day for stocks closed out a week of similar movements for major indexes amid profit reports from banks and updates on inflation.
The S&P 500 fell 4.46 points, or 0.1%, to 6,940. It is sitting just below its record, which was set last Monday. The Dow Jones Industrial Average fell 83.11 points, or 0.2%, to 49,359. The Nasdaq composite fell 14.63 points, or 0.1%, to 23,515.39. Each index ended with small weekly losses.
Smaller company stocks did better as the Russell 2000 ended higher while also advancing a 2% gain for the week to a new record high at 2678.
Some technology stocks did better and helped offset losses elsewhere as AVGO and MU did well. Semiconductors have recently taken control of the market this week.
A handful of regional U.S. banks reported their earnings following mixed reports from their larger peers. Pittsburgh’s PNC jumped 3.8% after it beat s fourth-quarter targets, but Regions Financial fell 2.6% after reporting results that missed forecasts.
Outside of the banking sector, transport company JBHT fell 1% after reporting mixed quarterly financial results.
The latest round of earnings updates from companies could help give Wall Street a better sense of how consumers are spending their money and how businesses are operating amid economic concerns brought on by inflation and tariffs. Results from the technology sector are being scrutinized by investors trying to figure out whether the high stock prices fueled by the craze around artificial intelligence are justified.
Despite the strong start to 2026, there could be some larger volatility as the latest fourth-quarter reports come in and then there is the potential threat of escalating geopolitical tensions, such as in Venezuela, Iran and Greenland.
Investors will have the following earnings this week with: today – 3M, NFLX and UAL; Wednesday – Dow components JNJ and TRV plus SCHW; Thursday – Dow component PG in addition to GE and INTC; Friday – SLB.
Economic reports will see: Thursday – P.C.E. Price Index for October and November, both of which are expected to be higher by 2.8%; Friday – Manufacturers and Purchasing Managers Index for January.
Treasury yields moved higher in the bond market. The yield on the 10-year Treasury rose to 4.23% from 4.17% late Thursday. The two-year Treasury yield, which more closely tracks expectations for what the Federal Reserve will do, rose to 3.60% from 3.57% late Thursday.
The Fed’s next policy meeting on interest rates is in two weeks on January 28th and the feeling is that the central bank will do nothing at the present time, against the wishes of the Administration. The Fed is trying to balance a slowing jobs market with stubbornly high inflation. Updates on inflation this week showed that prices remain above the Fed’s 2% goal.
As mentioned, the U.S. central bank will get one more update on inflation next week when the government releases the personal consumption expenditures price index, or PCE. It is the Fed’s preferred measure for inflation.
The market gains can continue if earnings growth for the rest of the market catches up to big tech. Earnings for the equal-weighted S&P are assumed to gain 10% this year while profits for the small-cap S&P are supposed to gain 15%, which is in line for the expected growth rate for the cap-weighted S&P 500. This narrowing of the difference should continue to narrow and could be positive for the entire market.
